Ministers ‘must act to avert slump in business spending’

Figures from the Bank of England showed that lending by banks to companies outside the financial sector rose by just 0.2 per cent in JulySTEFAN ROUSSEAU/PA

The government must urgently start producing new policies to encourage business investment which is ready to slump after the EU referendum, the trade association for chartered accountants urged.

Business investment is forecast to shrink by 2.9 per cent this year and a further 3.7 per cent next year due to the fall in business confidence after the Brexit vote, the Institute of Chartered Accountants in England and Wales said.

The predicted slump comes after a 5 per cent rise in business investment last year. In the year to April, businesses from around the world backed a record 2,213 British projects,…

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