UK survey shows business leaders cutting back on investment

LONDON — A British business association says company directors are holding back on investing in staff and technology amid uncertainty about political changes ahead of the country's departure from the European Union.

The Institute of Directors says Friday that half of the 900 directors surveyed said economic conditions in the U.K. and the uncertain trading status with the EU were hurting their businesses.

Chief economist Tej Parikh says the nature of Brexit is "still ambiguous" and with another shake-up of key government personnel in motion, businesses are hesitating "to the detriment of U.K. productivity growth."

Foreign Secretary Jeremy Hunt and former London Mayor Boris Johnson are competing to replace Prime Minister Theresa May, who is quitting as leader of the Conservative Party and the country after Parliament rejected her Brexit deal.

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