Brexit sends London business confidence plummeting downwards

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"It is staggering that we are now weeks away from leaving the European Union and businesses still don't know the terms of that departure and what preparations they require, the government must urgently provide that clarity," Stanbridge added.

Expectations for both the London and the British economy fell further into negative territory, where they have been for 10 and 11 quarters respectively, and the figure for expectations of the London economy fell by 12 points to minus 28 percent, its lowest recorded level to date.

As stated by the survey, balance figures represent the percentage of firms that reported an increase minus the percentage that reported a decrease or firms that selected improve minus the percentage that selected worsen.

The overall company prospects and businesses expectation of the London economy falling to their lowest recorded levels, according to the Capital 10000 quarterly survey, released by London Chamber of Commerce and Industry (LCCI), the city's business representative body.

Brexit is also affecting recruitment, according to the survey, with the percentage of companies looking to recruit dropped to 12 percent, its second lowest for three years, and of those that did try to recruit 58 percent found difficulties. Sixty-one percent of all businesses said that they are operating at below full capacity.

LONDON, Jan. 8 (Xinhua) -- Brexit has battered confidence of businesses in London, according to a new survey released Tuesday.

"Businesses, particularly those small and medium sized, need support and encouragement in these exceedingly turbulent times."

"Capital 10000 is London's largest business survey and, with all business confidence and economic indicators falling... these results should act as a wake-up call for the Government," Colin Stanbridge, LCCI chief executive said.

The figure for the UK economy fell by seven points to minus 34 percent.

The balance figure for overall company prospects decreased to minus 11 percent, the lowest recorded level since the start of the Capital 10000 in 2016.