DELOITTE: UK finance chiefs have never been more sceptical about Brexit – Business Insider

DELOITTE: UK finance chiefs have never been more sceptical about Brexit – Business Insider

banksy brexit

view of a mural by artist Banksy of a workman removing a star
from the EU flag which appeared yesterday near the ferry terminal
in Dover, Kent.

Gareth Fuller/PA
Wire/PA Images

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

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