‘Toxic’ Brexit to hit UK corporate investment plans

Britain’s biggest companies are beset by doubts about the future after last month’s vote to leave the EU and have slashed their investment plans, according to a survey that bodes poorly for the UK economy.

Some 82% of chief financial officers from FTSE-350 and large private companies expect to cut capital spending in the next year, the biggest proportion on record and up from 34% in the first quarter, accountancy firm Deloitte said.

Its survey is one of the first clear signs the vote to leave the EU has battered business confidence, and corroborates the Bank of England’s view that the UK economy is set to weaken soon.