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Business

Finance officers 'less risky following Brexit vote'

The effects of Brexit was rated the greatest concern by CFOs

CHIEF financial officers are becoming more risk averse following the EU referendum, according to Deloitte.

Its latest survey of CFOs found they were concerned about weak UK and competitiveness.

Of those asked, 88 per cent said the level of uncertainty facing their business is above normal, high or very high.

And 47 per cent said they are less optimistic about the financial prospects for their company, although this is down from 73 per cent in the second quarter.

CFOs were asked to rate, on a scale of 0-100, what they see as the biggest risks to their business.

The effects of Brexit rated highest (57) followed by weak demand in the UK (54, up from 46 in Q2).

Concerns about poor productivity in the UK also saw a large increase over the past quarter, 46 up from 36.

Other risks cited by CFOs included, deflation and economic weakness in the euro area (50), the prospect of tightening monetary conditions (47) and the US presidential election (45).

Deloitte chief economist Ian Stewart said: "The animal spirits of the corporate sector took a battering in the wake of the referendum and, three months on, Brexit continues to loom large for the UK corporate sector.

“Since our last survey we've seen the appointment of a new Prime Minister, a strong rally in equity markets and a solid run of UK economic data. But CFOs continue to see significant risks in the economic environment and perceptions of uncertainty remain elevated."

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