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UK exporters feeling the heat from eurozone crisis

The CBI has called for a quick resolution to the Greek crisis, after the business group's latest poll highlighted mounting pressure on exporters. The lobby group said its surveys of more than 750 companies across the manufacturing, retail and service sectors suggested UK economic growth lost momentum last month. The CBI reported a drop to +14% from +33% in May for its growth indicator. CBI director of economics, Rain Newton-Smith, said its survey echoed reports from UK exporters of pressures on sales to their biggest market, the eurozone, from a strong pound against the troubled euro. However, the CBI expects the UK economy to have performed better in the second quarter and said the latest growth indicator pointed to 'solid' activity in the April-June period. Furthermore, businesses are optimistic growth would bounce back in the next three months.

 

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