DELOITTE: UK Finance Chiefs Have Never Been More Sceptical About Brexit

CXM Editorial TeamCXM Editorial TeamJuly 10, 20174min

LONDON — More UK chief financial officers (CFOs) think that Brexit will leave the country’s business environment worse off than at any point since the referendum, according to a survey by accounting firm Deloitte.

Only 8% of CFOs surveyed said Brexit would have a positive long-term effect on business, while 72% said it would be damaging — up from 60% in the previous quarter.

More than 120 CFOs participated in the survey, representing companies worth a combined £509 billion.

“Business sentiment has been on a rollercoaster in the last 18 months, slumping in the aftermath of the referendum, staging a strong recovery and then falling again in the wake of the general election,” Ian Stewart, chief economist at Deloitte, said.

Here’s the chart:del1Deloitte

Prime Minister Theresa May has signalled she intends to take the UK out of the 28-nation European single market trading bloc, potentially forfeiting financial passporting rights and putting an end to EU freedom of movement.

With less than two years until the UK formally leaves the EU, the government is still yet to disclose what kind of trade deal it is seeking with the EU after Brexit.

The uncertainty is seen as the biggest risk to businesses, as the chart below shows:del4Deloitte

A disconnect has emerged between the government and business over issues such as immigration and last week Prime Minister Theresa May was been urged to meet more regularly with business leaders by her former director of policy.

John Godfrey said there was a “degree of mutual incomprehension” between May and the business world and proposed she meets a variety of executives every three months.

Deloitte’s CFO survey shows business optimism has also plummeted this quarter:Del2Deloitte

And the outlook for corporate investment has declined with it:del3Deloitte

Written by: 

Source: Business Insider

Interesting Links:

CXM Editorial Team

CXM Editorial Team

Published for all CX professionals, the digital Customer Experience Magazine is packed full of industry news, blogs, features, video bites and international stories all focusing on customer experience. CXM will help you learn what makes an outstanding customer experience that wins both awards and the hearts of customers. And sometimes we share some cool music as well.

Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.



Contact Information

For article submissions:
Paul Ainsworth

For general inquiries, advertising and partnership information:
Tel: 0207 1932 428

For Masterclass enquiries:
Tel: 0207 1937 483

Customer Experience Magazine Limited
Acacia Farm, Lower Road,
Royston, Herts, SG8 0EE
Company number: 7511106