Business investment in the UK mining sector has plummeted by nearly one-sixth in a year, as worries over the UK leaving the European Union (EU) loom large, analysis by specialist tax consultancy, Catax, has shown.
Citing information by the Office for National Statistics, Catax states that business investment in the mining sector fell by 14.4% to £2.2-billion in the first three quarters of 2018, down from £2.5-billion for the same period in 2017.
This, the consultancy says, is indicative of a wider slowdown in the British economy, which grew at its most sluggish rate for six years in 2018.
Overall business investment fell from £46.9-billion to £46.2-billion in last three months of 2018. This was the fourth consecutive quarterly decline, the first time that has happened since the economic downturn in 2009.
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