Finance chiefs across the UK are bracing for the worst as they anticipate a very damaging Brexit.
Deloitte’s survey of chief financial officers shows that 81%, the highest level since the 2016 referendum firmly believe due to Brexit, the long-term business environment will be worse.
With little to no change in Brexit apart from the new Brextension, almost half of CFO’s have reduced hiring.
More than one in five CFO’s are scaling back deal making, whilst half are preparing to reduce capital expenditure, due to Brexit.
Ian Stewart, chief economist at Deloitte said, “Put mildly, it’s been a turbulent few weeks and there’s been little change in confidence and risk appetite among CFOs, as many priced in a tougher environment at the start of the year.
“They went into March braced for tough times and the latest round of Brexit uncertainties have not materially changed that picture.”