LONDON - Confidence drained away from British businesses and consumers in August as the Brexit crisis deepened, according to surveys that suggested the political ructions are increasingly taking a toll on the economy.
Separately, a survey of consumer confidence from market research company GfK was its joint weakest since mid-2013, driven lower by deepening pessimism about the economy. "We have seen a dip in overall business confidence this month, with firms appearing less positive about their own trading prospects and the broader economy," Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said.
British manufacturers, who account for about 10 per cent of the country's economy, are facing the possibility of a no-deal Brexit which is likely to hurt their supply chains, plus a slowdown in the global economy.
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