UK financial executives are now more negative about the effects of Brexit than at any time since the referendum. Confidence has fallen to the lowest level in two years while perceptions of uncertainty have also spiked sharply, according to Deloitte’s latest British CFO survey.
A mere 12% of financial heads believe now is a good time to take risk, with most reckoning that Britain’s departure from the EU is likely to act as a drag on their spending decisions.
In addition, the proportions of CFOs who expect to reduce their own capex, M&A activity and hiring as a consequence of Brexit are at their highest levels in over two years.
They also rank Brexit as their top risk, followed by concerns over weak UK demand, greater protectionism in the US and a subsequent escalation in trade wars.