WORRIES ABOUT recession and a breakup of the euro have knocked fragile CFO confidence in the business environment, according to a Deloitte survey.
The Deloitte CFO Survey, which polls the views of 137 finance directors and CFOs of UK businesses, found that a breakup of the euro was perceived as the biggest threat to UK corporates.
CFOs now see a 36% probability of one or more countries leaving the single currency by the end of this year, up from 26% in March, with almost a third saying their own plans for coping with a breakup of the single currency are “all made” or “at an advanced stage”.
Business confidence has also been hit by the UK’s return to recession. On average, CFOs see roughly a one-in-two chance that the recession will continue to the end of this year or that the economy will hit a triple-dip recession within the next two years.
Uncertainty has had a corrosive effect on risk appetite and 80% of CFOs say this is not a good time to take risk onto their balance sheets. However, only 4% cited the cost or availability of finance as having influenced recent changes in investment plans.
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