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Turning the corner

Deloitte CFO Survey: 2024 Q1

April 2024

The quarterly Deloitte CFO Survey has been gauging sentiment and balance-sheet strategies among the UK’s largest businesses since 2007.

Key findings

  • Sentiment among UK CFOs has risen for the third consecutive quarter and is well above its long-term average
  • Uncertainty has fallen to a two-and-a-half-year low, back to levels seen in summer 2021 when lockdown restrictions were ending. Inflationary concerns are easing and finance chiefs believe that the UK is on the verge of a significant easing of monetary policy
  • Corporate risk appetite has risen, but CFOs maintain a defensive strategy stance with 56% rating reducing costs as a strong priority and 43% rating increasing cashflow as a strong priority
  • Cyber-attacks are the top concern for CFOs when it comes to the consequences of geopolitical developments. More than half of UK CFOs expect the geopolitical risks facing their business to increase over the next three years

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.

Email Tom Simmons to receive a copy of our spreadsheet containing our CFO Survey data.

“Optimism among the UK’s largest businesses is running at well above average levels, suggesting that the worst of the economic downturn is behind us, with current sentiment at levels that preceded periods of good growth in 2010, 2014 and 2021. Uncertainties driven by Brexit, the pandemic and inflation that have clouded the business scene for much of the last eight years seem to be clearing. For the first time in three years, CFOs expect margins to increase over the next 12 months.

Risk appetite and optimism are rising, credit conditions have improved, but CFOs remain focussed on controlling costs and building up cash. For now, expansionary strategies, such as capital spending and bringing in new products or services, are on the backburner. Given the challenges of recent years it is perhaps unsurprising that, for all the good news, a degree of caution persists.”

Ian Stewart, chief economist at Deloitte

Previous editions

The Deloitte CFO Survey: 2023 Q4
A positive start to 2024

The Deloitte CFO Survey: 2023 Q3
Debt is out of favour

The Deloitte CFO Survey: 2023 Q2
Interest rate worries

The Deloitte CFO Survey: 2023 Q1
Business confidence bounces 

The Deloitte CFO Survey: 2022 Q4
Credit conditions tighten

The Deloitte CFO Survey: 2022 Q3
The credit squeeze is here

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

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