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The repercussions of the Brexit agreement on London's withdrawal from the European Union are still continuing on the British economy, with foreign investors turning away more and more and the decline in Britain's competitiveness.
The British newspaper The Independent reported that members of the British Industrial Trade Authority blamed the impact of Britain’s exit from the European Union on the costs of trade and customs barriers, yet it is the government’s management of the economy since the “Brexit” process that angers industry leaders in this country.
According to the trade body, there is evidence that political instability over the past 12 months has hurt the competitiveness of Britain as a manufacturing site, noting that the number of companies that see Britain as a competitive location has halved compared to last year, down from 63 to 31 percent.
More than 4 in 10 firms, or an estimated 43 per cent, believe Britain is now less attractive to foreign investors, while more than half believe political instability is hurting business confidence.
The authority indicated that investment intentions by member companies in Britain had turned negative for the first time in two years, stressing that this fact would be of equal importance with the concerns of manufacturers that increase energy costs and uncertainty regarding future bills, such as instability in the government. British.
In anticipation of the British government's imminent announcement of new plans to continue subsidizing corporate energy bills, a survey of 235 senior executives found that two-thirds of business owners would cut production, headcount or both, regardless of the government's energy subsidy package.
Of the executives polled, 13 percent said: “They are considering closing their businesses or imposing closures to save on energy bills,” while 11 percent said: “They are considering moving production facilities to other countries where energy is cheaper than Britain.”
And according to the latest Business Trends Report, low confidence and productivity among UK firms was to blame for the historic decline in hiring intentions.
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