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Tuesday 09th of February 2010
January 4, 2010    

Finance chiefs upbeat according to survey

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by Kay Murchie

A survey conducted by the accountant, Deloitte, has revealed that the chief finance officers (CFOs) of Britain’s leading companies are at their most confident for two years.

According to its quarterly survey in which 128 CFOs were questioned, Deloitte found that finance chiefs are more confident and less worried about liquidity and the banking system.

However, while nearly four in five CFOs surveyed thought the UK banking system could sustain a recovery, almost half (48%) expressed their concern that Britain could face a double dip recession.

Britain has been lagging behind other economies and is now the last major economy that is still in recession.

However, economists believe that the economy will see positive growth in the fourth quarter and finally emerge from its worst recession in 50 years.

Meanwhile, commenting on its findings, Ian Stewart, Deloitte chief economist, said: “CFOs recognised that a financial crisis required a focus on costs, cash and investor confidence. That response has paid off.

“Today, businesses are lifting their eyes from the recession and are looking for growth in 2010. The economy and the financial system are a long way from normal but things are looking up,” he added.

Of the CFOs that were questioned in Deloitte’s quarterly survey, 39 were from FTSE 100 companies and 47 from FTSE 250 companies.

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