25 Nov 2020
The UK CFO Economic Barometer 2020
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Few individuals are better placed than the CFO to provide a real-time, on the ground view, of a country’s economic condition.
The top challenges facing leading UK CFOs and what they think of Brexit, UK economic recovery and the U.S. election
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Responsible for charting their organisation a course through the headwinds, undercurrents and changing tides of the pandemic, with their hand on the tiller, they have a heightened sensitivity to the effects of national policy, economic stresses and global events.
The individual actions they take in response to the ebb and flow (or more recently, tidal waves) of socio-economic disruption, provide us with a microcosmic view of the broader economic cosmos, both domestically and internationally. When these ‘microcosms’ are viewed collectively, we can form a picture of how businesses are faring in relation to the current state of the UK economy.
It is for this very reason, that ahead of our annual CFO and Audit Chair dinner (held virtually this year), we decided to ask the attending CFOs what they thought of some of the most pressing topics on every business leader’s mind. This included, the biggest challenges they faced, what they thought the impact of a no-deal Brexit would be, when they believed the UK economy would start to recover, how the U.S. election result would affect the UK economy, and what their plans were around staff redundancies.
The results, from 410 CFOs of some of the UK’s leading companies enables us to provide a temperature gauge of the country’s economic vitality. As you’ll see, there is certainly cause for hope with signs of positivity, but it’s also clear that businesses are not out of the woods yet.