May 16, 2018 / 9:19 AM / 6 months ago

Investment plans at UK services firms edge down ahead of Brexit - BoE

FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain, November 17, 2017. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - Investment intentions across services companies that make up the bulk of Britain’s economy have weakened slightly, reflecting uncertainty around Brexit, a Bank of England survey showed on Wednesday.

The BoE’s Agents’ Summary showed consumer-facing services companies did not expect to recoup sales lost from a weak start to the economy.

It described moderate growth in business services companies.

Overall, the survey added to a run of data suggesting Britain’s economy is growing at a lacklustre pace.

“Investment intentions remained modest, reflecting continued uncertainty around Brexit,” the BoE survey said.

Plans for spending in manufacturing companies were unchanged from March, despite the fact capacity constraints hit a record high.

The survey showed growth in labour costs had edged up, reflecting “slightly higher” pay settlements than in 2018.

The BoE surveyed businesses between late February and mid-April.

Reporting by Andy Bruce; editing by Sarah Young

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