Research from Deloitte has revealed that business confidence among chief financial officers has seen its sharpest since 2020, jumping by 8% amid the aftermath of the UK’s Spring Budget.
The survey showed that 25% of chief financial officers were feeling better about the future rather than worse – which has risen from 17% three months ago.
The results highlight that feelings among businesses are taking a U-turn as concerns around macro issues such as energy prices and Brexit problems are easing as the state of the economy improves.
The CFOs who were interviewed were predominantly from big companies, and, despite the shift in mood, many are still looking to avoid risk by prioritising things such as cutting costs and building up cash reserves as they prepare for the future.
“It is fantastic to see businesses regain confidence in themselves, and the economy, as the UK rebounds and avoids the predicted technical recession, fuelling business chiefs with optimism,” said Khalid Talukder, Co-founder of DKK Partners. “Businesses have taken continued hits over the last few years and recently, due to inflation, higher interest rates take hikes and pulled budgets towards the back end of 2022, their confidence took a beating.”