UK chief financial officers are more negative about the potential effects of Brexit than at any time since the EU referendum, according to Deloitte's 3rd quarter CFO survey, published this week.
- Concern over long term impact of Brexit at record high, with falls in optimism and risk appetite
- CFOs increasingly expect business spending and hiring to slow post-Brexit
- Higher interest rates and inflation expected within twelve months
Ian Stewart, chief economist at Deloitte, comments, "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."