Deal or no deal, that is the question

“With the UK’s planned departure from the EU less than six months away Brexit worries dominate our latest survey of UK Chief Financial Officers.

“CFOs have become more pessimistic about the long term effect of the UK’s departure from the EU. 79% expect Brexit to lead to a deterioration in the business environment and only 6% anticipate that Brexit will result in an improvement in the business climate compared with 14% a year ago. Large corporates are pulling in their horns, with just 12% of CFOs saying now is good time to take a risk and 44% expecting their own capital spending to be lower over the next three years.

“Indeed, CFOs are more negative about the effects of Brexit today than at any time since the EU referendum.”

Ian Stewart, chief economist at Deloitte

“The drop in business confidence highlights the effect a possible no-deal Brexit is having on businesses across the UK. A deal and smooth transition could deliver a real boost to business spirits.

“Our survey shows that access to skills is an increasingly pressing issue. It’s crucial that a post-Brexit immigration system ensures that business has the skills it needs to thrive.”

David Sproul, senior partner and chief executive at Deloitte