UK manufacturers cut spending plans as Brexit fears rise

Only one-third of companies expecting to increase their investments, says report

British manufacturers are pulling back sharply on investment plans due to mounting uncertainty over Brexit and growing fears of a global trade war, a report has warned.

Just one-third of companies said they planned to increase their investment in plant and machinery - a record low in the fifth annual survey carried out by the EEF manufacturers' body and Santander Bank. Investment by small companies was particularly squeezed, with three-quarters saying they were having to mothball spending plans in the coming two years.