Slowdown in business spending hitting UK growth, says accountancy body

ICAEW lowers its growth forecast for 2015 to 2.4% as companies appear reluctant to invest while uncertainty continues over the eurozone and the general election

UK companies are putting the brakes on investment spending, slowing the economic recovery amid concerns about the eurozone and general election, a business group has warned.

The government's hoped for trade and investment-led recovery remains elusive, leaving Britain's fortunes heavily dependent on the consumer, according to the Institute of Chartered Accountants in England and Wales (ICAEW).