Marketing budgets cut for first time in seven years as brand building takes a hit

UK companies cut their marketing budgets during the third quarter, the first time there has been a decrease in seven years, amid heightened political and economic uncertainty.

The IPA’s quarterly Bellwether report shows a net balance of 0.5% of marketers questioned revised their marketing budget down in the third quarter. Nearly two-thirds (64.1%) reported no change in budget, reflecting a ‘wait-and-see’ approach adopted by many in the face of uncertainty about Brexit and its impact on business.

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