Halting hiring and cutting costs firmly on the agenda

FINANCE chiefs at UK businesses say they are focused on cutting costs following last year's Budget, with investment and hiring set to suffer. Over half (52%) of CFOs surveyed by Deloitte indicated that cost reduction was a strong priority.

- Chris Dorrell

The survey showed that hiring intentions in the final quarter of last year fell at the fastest pace since early 2020, while a net 58% of firms expect to cut discretionary spending.

Less than one in five CFOs (18%) said it was a good time to take additional risk on their balance sheets, the weakest appetite in over a year.