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Britain must leave the European Union in 53 days, but progress towards an exit agreement is stalled due to deep political divisions in the UK. It is unclear how the UK will trade with its largest export market after March 29th.
The 110 CFOs surveyed by Deloitte said Brexit was the biggest risk for their businesses, with a combined market value of £ 390 billion ($ 510 billion).
Some 80% said they expect a deterioration in the business environment as a result of Brexit and more than half of the respondents said that hiring would slow down.
Many companies are now calling for a Brexit delay. This would mean more uncertainty, but would avoid the serious economic consequences of a collapse of the block without a deal.
"Levels of recession"
Ian Stewart, chief economist at Deloitte, said risk appetite was at a "recessionary level" as companies continued to prepare for the worst.
"This survey shows that the uncertainties surrounding Brexit are leading to a sharp shift towards defensive balance sheet strategies among UK companies," he said in a statement.
"Companies are at the moment uncertain about the future," said Michael Izza, CEO of the group, in a statement. "As the [Brexit] roulette continues to turn, UK plc must place its bets on the basis of the best badumptions. "
The results of the survey were based on 1,000 telephone interviews with members of the accounting group.
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