A report from The Office for National Statistics (ONS) has announced that business investment in the UK has dropped by 1.4% in the second quarter – the biggest drop since 2009 as the blame looks towards falling oil prices.
Oil companies have put on hold investment in the UK and around the world as prices have dropped by over half since June 2014.
A spokesperson from ONS said "Given the recent steep fall in oil prices, it might be expected that investment by the oil extraction industry might also fall, as oil production becomes less profitable."
On a positive note investment increased by 2.1% on an annual basis for the same period a year ago.
