Deloitte survey: managers’ confidence slumps in escalating crisis

by Editor 10/15/2008 5:44:00 PM
Deloitte has released the results of a new survey of managers at some of UK’s biggest companies. The results show that their confidence has slumped as the financial crisis escalates and puts employment and capital investments at risk. Most of the managers do not expect credit conditions to improve before the second half of 2009.

Managers’ optimism fell in the third quarter of 2008 at the fastest rate since the crisis began. Most companies plan to cut jobs and drastically reduce investment in their businesses. A significant number of finance directors also expect to cut dividends.

The number of companies considering moving their corporate base outside the UK to cut costs has also risen considerably, from 13 percent earlier this year to 29 percent.

Margaret Ewing, Deloitte partner and vice chairman, explains: “Chief financial officers are preparing for a more prolonged period of distress in credit markets than they had earlier expected, with cost-cutting and cash-preservation coming to the fore. There is also a growing readiness to contemplate more radical options such as off-shoring and dividend cuts, a reflection of the growing intensity of the slowdown.”

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