Most UK firms plan to invest less in next three years, finds survey

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Covid-19, risk of no-deal Brexit and geopolitical tensions are dragging down spending

Almost two thirds of companies plan to cut investment spending over the next three years as they look ahead to a slow recovery that will delay almost half from clawing back pre-Covid-19 levels of sales before next summer.

A survey of finance directors by the accountants Deloitte found that 65% said a combination of the coronavirus pandemic, the potential for a no-deal Brexit and worsening geopolitical conflicts has forced them to reduce capital spending.

Related: Five key areas Sunak must tackle to serve up economic recovery

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