Brexit economy hits UK ad spending - BBG

According to the latest forecast from GroupM, the world’s largest media buyer, the UK’s advertising market is slowing in the face of uncertainties over the Brexit deal post-snap elelctions.

Key Points via Bloomberg:

U.K. ad spending is set to expand 4.1 percent this year to 18.6 billion pounds ($23.5 billion), compared with a previous prediction of 7 percent, GroupM, a unit of WPP Plc, said in a statement Thursday.

The company now expects TV spending to shrink 2.7 percent in 2017, after previously forecasting little change.

GroupM Futures Director Adam Smith said in the statement, “We had previously discounted Brexit as a drag on the economy, but the recent U.K. general election has magnified rather than reduced uncertainty. This is not helpful for growth when consumers and public finances are already under stress, and corporate investment subdued.”