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Deloitte Insights
Business confidence bounces
Deloitte CFO Survey: 2023 Q1
April 2023
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
- Sentiment among CFOs has improved significantly since the start of the year. Confidence rose sharply in the first quarter, to above its long-term average, and perceptions of uncertainty have fallen at the fastest rate since we first asked this question more than 12 years ago
- CFOs reported a marked easing of supply chain and recruitment problems while expectations for inflation in one year’s time have declined from 5.8% to 4.2%
- While sentiment has bounced back, CFOs maintain a defensive strategy stance. Risk appetite is below normal levels and CFOs are heavily focussed on cost control and building up cash
- This quarter’s special question examines the impact of artificial intelligence on the business sector. CFOs expect to see significant growth in capital spending on AI which, they anticipate, will help drive UK productivity
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 economic unpredictability that marked the beginning of 2023 has started to clear, with CFOs reporting the largest decline in perceptions of uncertainty to date. Business confidence has rebounded, helped by a decrease in energy prices, an easing of Brexit concerns and an improving inflation backdrop. Crucially, finance leaders report little change in credit conditions, suggesting that March’s events in the global banking system have not affected the pricing and availability of credit for UK corporates. Despite a brighter outlook, CFOs are alive to the continued risks facing the economy. Corporates remain in defensive mode and CFO risk appetite is subdued.”
“The CFOs foresee artificial intelligence helping to drive UK productivity, an outcome that could provide a lasting boost to business growth. They are divided, however, on how AI will affect the number of jobs in the economy, highlighting the need to ensure the gains from new technologies are widely shared.”
Ian Stewart, chief economist at Deloitte
Previous editions
The Deloitte CFO Survey: 2022 Q4
Credit conditions tighten
The Deloitte CFO Survey: 2022 Q2
Braced for recession
The Deloitte CFO Survey: 2022 Q1
Growth in a riskier world
The Deloitte CFO Survey: 2021 Q4
Going for Growth
The Deloitte CFO Survey: 2021 Q3
Investment is the focus
The Deloitte CFO Survey: 2021 Q2
Growth is the priority
The Deloitte CFO Survey: 2021 Q1
CFO optimism reaches record levels
The Deloitte CFO Survey: 2020 Q4
2021: Lasting change and growth
The Deloitte CFO Survey: 2020 Q3
The long COVID recovery
The Deloitte CFO Survey: 2020 Q2
No quick bounce back
The Deloitte CFO Survey: 2020 Q1
Crash, slow recovery, lasting change
The Deloitte CFO Survey: 2019 Q4
Business confidence soars
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
Meet the authors
Recommendations
Alternative Lender Deal Tracker
This issue covers data for Q1 2022.
The Economy
Exploring the business impacts of COVID-19, Brexit and beyond
