U.K. CFO Optimism On Financial Prospects ‘Lower Than Post Lehman Collapse’

The outcome of the U.K’s EU referendum “has triggered a sharp, negative response from the corporate sector” said David Sproul, senior partner and chief executive of Deloitte, as he launched its Q2 2016 CFO survey, conducted immediately after the June 23rd vote which resulted in a decision to leave. Some 95% of CFOs at 132 FTSE 350 and other large private companies who participated said the level of uncertainty facing their business is above normal, high or very high, up from 83% in Q1 and returning to levels last seen in the Euro crisis in 2012. Those saying they are less optimistic about the financial prospects for their company numbered 73%, up from 32% in Q1. This is the highest level registered since Deloitte’s survey began in 2007 and is even higher than during the fallout from the Lehman collapse in 2008.