Article

Post-election dip in business confidence

Deloitte CFO Survey: 2017 Q2

July 2017

The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.

Key findings

  • Uncertainty rises and risk appetite dips among UK CFOs
  • Brexit and UK growth top list of CFO concerns
  • CFOs remain on defensive footing, prioritising cost control and cash flow

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“Business sentiment has been on a rollercoaster in the last 18 months, slumping in the aftermath of the referendum, staging a strong recovery and then falling again in the wake of the general election.

“This latest dip likely reflects the outcome of the election and concerns about UK growth, which are now at a two and a half year high. Domestic concerns top the list of risk factors facing UK businesses, with growth in emerging markets and the euro area now towards the bottom.

“Despite the knock to confidence, sentiment and risk appetite are well above the levels seen last summer. Favourable financial conditions and an improving global backdrop do offer CFOs some cushion from the effects of domestic uncertainties.”

Ian Stewart, chief economist at Deloitte

“Despite the outcome of the general election causing speculation about whether we could see a closer long-term relationship between the UK and EU, CFO’s concerns about Brexit have grown. More CFOs now see Brexit slowing business investment and hiring, as well as an overall weaker business environment once the UK leave the EU.

“This underscores the importance of the Brexit negotiations producing a favourable business environment for UK businesses, with access to the skills and markets they need for their future success.”

David Sproul, senior partner and chief executive at Deloitte

Previous editions

The Deloitte CFO Survey: 2017 Q1
Brexit shock eases

The Deloitte CFO Survey: 2016 Q4
Greater optimism yet to ignite risk appetite

The Deloitte CFO Survey: 2016 Q3
Brexit looms large

The Deloitte CFO Survey: 2016 Q2
Brexit blow to business confidence

The Deloitte CFO Survey: 2016 Q1
Brexit tops CFO risk list

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