Sharp drop in UK business investment
The ONS has reported that business investment in the UK has fallen for the second quarter in a row say Harris & Co accountants Northampton. Spending by business fell by 1.4% in the fourth quarter from the previous three-month period. The ONS partially attributed the blame to falling oil prices. Economists have said overall business investment in Britain might also be affected by uncertainty over the outcome of the general election in May. On an annual basis, investment still increased by 2.1% on the same period a year ago. GDP growth was confirmed at 0.5% in the fourth quarter, a fall from 0.7% in the third and 0.8% in the second.