Bank of England says survey shows slower investment by firms

LONDON (Reuters) - British firms expect to slow down the pace of their business investment over the next 12 months, the Bank of England said on Wednesday, citing a survey carried out by its regional agents.

"Overall, firms in the survey reported expectations of broadly stable or slightly lower investment spending in the year ahead, after quite a significant increase in investment over the past year," the Bank said.

The BoE has previously said it expects the uncertainty triggered by the Brexit vote in June to weigh on business investment, slowing overall British economic growth.

The survey published on Wednesday covered around 340 businesses accounting for 330,000 employees in Britain and 8.6 billion pounds of capital spending.

It also showed firms expected to keep their employment levels broadly stable over the next six months and that pay increases would be in the 1-3 percent range.

(Writing by William Schomberg; editing by Michael Holden)

Article Published: 09/11/2016