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A positive start to 2024

Deloitte CFO Survey: 2023 Q4

January 2024

The quarterly Deloitte CFO Survey has been gauging sentiment and balance-sheet strategies among the UK’s largest businesses since 2007.

Key findings

  • Sentiment among UK CFOs rose for the second consecutive quarter and is running at well above average levels. Corporate risk appetite, though subdued relative to long term measures, has risen to an 18-month high.
  • The inflation and rate worries that have dominated the CFO Survey for much of the last two year have eased since our last survey in September with respondents expecting price and wage pressures to soften over the next two years.
  • Nonetheless, CFOs continue to see significant near-term risks and remain focussed on cutting costs and building up cash rather than hiring, capital spending or M&A. Perceptions of external financial and economic uncertainty have risen, and are running at above-average levels. CFOs think geopolitics poses the greatest external risk to their own businesses over the next 12 months.
  • CFOs expect labour costs to remain elevated in the long term, something which helps explain why CFOs also expect to see sustained businesses investment in new technology.
     

Explore the data

Download the PDF to access all the historical data series from the Deloitte CFO Survey. Data from the CFO Survey is also hosted on Thomson Reuters Datastream, Bloomberg, Factset and Macrobond. Please feel free to use any of the data series in your documents or presentations.

Email Tom Simmons to receive a copy of our spreadsheet containing our CFO Survey data.

“Whilst finance chiefs are starting 2024 in positive spirits, this is tempered by high levels of uncertainty, concerns around geopolitics, and low UK productivity. CFOs foresee growth ahead but – based on their defensive balance sheet stance – not imminently. For now, corporates are focused on cutting costs and building up cash rather than hiring, capital spending or M&A. But unlike in previous periods of uncertainty the financial system is operating and larger corporates can access debt, albeit at higher rates. Scale matters as the large corporates represented in the survey panel are generally better able to manage periods of stress and are less vulnerable to tightening credit conditions than smaller and medium sized companies.”

Ian Stewart, chief economist at Deloitte

Previous editions

The Deloitte CFO Survey: 2023 Q3
Debt is out of favour

The Deloitte CFO Survey: 2023 Q2
Interest rate worries

The Deloitte CFO Survey: 2023 Q1
Business confidence bounces 

The Deloitte CFO Survey: 2022 Q4
Credit conditions tighten

The Deloitte CFO Survey: 2022 Q3
The credit squeeze is here

The Deloitte CFO Survey: 2022 Q2
Braced for recession

The Deloitte CFO Survey: 2022 Q1
Growth in a riskier world

The Deloitte CFO Survey: 2021 Q4
Going for Growth

The Deloitte CFO Survey: 2021 Q3
Investment is the focus

The Deloitte CFO Survey: 2021 Q2
Growth is the priority

The Deloitte CFO Survey: 2021 Q1
CFO optimism reaches record levels

The Deloitte CFO Survey: 2020 Q4
2021: Lasting change and growth

The Deloitte CFO Survey: 2020 Q3
The long COVID recovery

The Deloitte CFO Survey: 2020 Q2
No quick bounce back

The Deloitte CFO Survey: 2020 Q1
Crash, slow recovery, lasting change

The Deloitte CFO Survey: 2019 Q4
Business confidence soars

The Deloitte CFO Survey: 2019 Q3
Persistent uncertainty takes its toll

The Deloitte CFO Survey: 2019 Q2
Corporate caution, financial market optimism

The Deloitte CFO Survey: 2019 Q1
The dash for cash

The Deloitte CFO Survey: 2018 Q4
Cost is king

The Deloitte CFO Survey: 2018 Q3
Deal or no deal – that is the question

The Deloitte CFO Survey: 2018 Q2
Defensive and watchful

The Deloitte CFO Survey: 2018 Q1
Brexit transition boosts business confidence

The Deloitte CFO Survey: 2017 Q4
Focus on cost control, no retreat on growth

The Deloitte CFO Survey: 2017 Q3
Optimism bounces

The Deloitte CFO Survey: 2017 Q2
Post election dip in business confidence

The Deloitte CFO Survey: 2017 Q1
Brexit shock eases

The Deloitte CFO Survey: 2016 Q4
Greater optimism yet to ignite risk appetite

The Deloitte CFO Survey: 2016 Q3
Brexit looms large

The Deloitte CFO Survey: 2016 Q2
Brexit blow to business confidence

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