UK business confidence at lowest level in nearly a decade

London (CNN Business)Companies in the United Kingdom are spending less and scaling back plans because of Brexit fears that have pushed business confidence to its lowest level in a decade.

The dire outlook was revealed Monday in surveys published by Deloitte and the Institute of Chartered Accountants in England and Wales.
Deloitte found that chief financial officers have adopted their “most defensive strategy stance in nine years.” Revenue growth expectations have dropped to their lowest level since 2016.

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