UK Firms Putting Plans on Hold Ahead of EU Vote – Survey

Big British firms are delaying deals and hiring decisions ahead of a referendum on the country’s European Union membership, a survey showed on Monday, adding to signs that uncertainty around the vote is weighing on the economy.

Chief financial officers are increasingly in favour of staying in the EU, according to the survey of chief financial officers published by accountancy firm Deloitte.

It showed 75 percent of the CFOs from FTSE 350 and other large private companies backed Britain’s continued membership of the EU in the first three months of this year, up from 62 percent in the fourth quarter of 2015.

But the survey also showed 83 percent of CFOs thought the level of uncertainty facing their business was above normal, high or very high, a big jump from 64 percent at the end of 2015 and the highest level in over three years.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.