Deloitte's survey of UK CFOs indicates heightened defensiveness in corporate strategy due to rising operational costs and uncertainty surrounding US tariffs. A significant 63% prioritize cost control, marking the second-highest level ever recorded. While pessimism about business prospects has grown, optimism remains above pandemic lows. Concerns over geopolitical instability and US economic volatility are at a peak since Russia's invasion of Ukraine, with a noted decline in risk appetite among CFOs, who now see less chance for greater risk-taking as a business strategy.
Given widespread speculation over the scale and scope of US tariff rises during the survey period, it is unsurprising that CFOs reported elevated levels of uncertainty. Previous periods of uncertainty over future terms of trade have resulted in a prolonged squeeze on investment.
Finance leaders have sharpened their focus on cost control with 63% saying it is a strong priority for their business, the second-highest reading on record.
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