UK finance chiefs are more concerned about the domestic economy than they are about the uncertainty generated by a referendum on Britain's EU membership, new survey figures reveal today.
The uncertainty surrounding a Brexit was cited as a risk by 41 per cent of chief financial officers (CFO), down from 50 per cent last year, according to the survey from The Institute of Chartered of Accountants in England and Wales (ICAEW).
Meanwhile, 52 per cent said they would be negatively impacted by an interest rate rise and 53 per cent said they would be hit by a hike in VAT. Increases in national minimum wage were a concern to 29 per cent of CFOs.
“Next year will throw up a number of changes for businesses and they are rightly concerned about them. The reliance on domestic sales for UK growth is highlighted by the negative impact any interest rate increase would have,” Stephen Ibbotson, ICAEW director of business.
“New year resolutions for more exports continue to be challenged with slow growth in the Eurozone and developing countries.”