UK firms to cut hiring in next 12 months - Deloitte

A Deloitte survey shows prolonged political uncertainty in Britain and concerns about weak domestic and external demand are forcing finance directors to cut costs and hold off hiring to help the UK firms prepare for an unpredictable year ahead, according to a euronews report. 

The audit of 91 chief financial officers of some of Britain’s largest companies showed cost control will be a priority for six in 10 of the respondents over the next year. Meanwhile, seven in 10 of the CFOs expect hiring to drop in the next 12 months.

Key quotes by Ian Stewart, Chief Economist at Deloitte

Perceptions of uncertainty are elevated and corporate risk appetite is vanishingly low.

The priority appears to be curbing costs, not expansion.

With Brexit cited as the biggest risk businesses face, the last quarter has also seen heightened concern over slowing growth in the UK and Eurozone and CFOs are tightening their purse strings in response.