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Business confidence soars

Deloitte CFO Survey: 2019 Q4

January 2020

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

  • CFOs reported their biggest-ever increase in optimism in the 11-year history of the survey;
  • Brexit is no longer their top concern;
  • CFOs expect UK corporates to increase capex for the first time in four years despite continued emphasis on defensive strategies.

Explore the data

Download the PDF to access all the historical data series from the Deloitte CFO Survey. Data from the CFO Survey is also hosted on Thomson Reuters Datastream, Bloomberg, Factset and Macrobond. Please feel free to use any of the data series in your documents or presentations.

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“The fog of uncertainty that has lingered over the UK since the 2016 EU referendum is lifting. CFOs’ perceptions of external uncertainty have fallen from one of the highest ever readings to near-average levels, and they are beginning 2020 with sentiment levels that would have been unimaginable at any time in the last three years.”

Ian Stewart, chief economist at Deloitte

“It is very encouraging to see such a dramatic uptick in business confidence. The big question is to what extent positive expectations for revenues, spending and hiring, translate into an actual strengthening of corporate activity in 2020. In addition to boosting business confidence, a majority government is well placed to focus on the challenges and opportunities the UK faces. Rebalancing the economy, driving growth across all regions and focusing on skills and social mobility can help to position the UK as an attractive place to do business in the long term.”

Richard Houston, senior partner and chief executive of Deloitte North and South Europe

Previous editions

The Deloitte CFO Survey: 2019 Q3
Persistent uncertainty takes its toll

The Deloitte CFO Survey: 2019 Q2
Corporate caution, financial market optimism

The Deloitte CFO Survey: 2019 Q1
The dash for cash

The Deloitte CFO Survey: 2018 Q4
Cost is king

The Deloitte CFO Survey: 2018 Q3
Deal or no deal – that is the question

The Deloitte CFO Survey: 2018 Q2
Defensive and watchful

The Deloitte CFO Survey: 2018 Q1
Brexit transition boosts business confidence

The Deloitte CFO Survey: 2017 Q4
Focus on cost control, no retreat on growth

The Deloitte CFO Survey: 2017 Q3
Optimism bounces

The Deloitte CFO Survey: 2017 Q2
Post election dip in business confidence

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

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