Confidence of the UK services sector fell to its lowest level since 2009

The confidence of the UK services sector fell to its lowest level since the financial crisis in 2009 because of the “undoubtedly negative” impact of Brexit’s uncertainty. This is illustrated by a monthly survey by the Confederation of British Industry (CBI), the main employer organization in the country.

In business services, earnings have seen their most serious decline in six years over the last three months, and confidence has fallen to an unprecedented rate of 10 years.

Services for individuals who have so far benefited from rising household incomes and rising employment have also reported decreasing profits and their prospects are at their lowest level since 2009.

The employment growth is also at its lowest level since August 2012, and investment has fallen sharply since May 2013.

Lower expectations for next year mean that it is more important than ever for the United Kingdom to avoid a scenario of Hard Brexit, which would be a total disaster.

Sino-US trade tensions and a slowdown in global growth have also contributed to the declining prospects for the British economy.