UK chief executives change into extra downbeat about progress – KPMG

LONDON (Reuters) – British chief executives have turned extra pessimistic concerning the progress outlook for the following few years, largely because of worries round financial nationalism and Brexit, a survey from accountants KPMG confirmed on Tuesday.

FILE PHOTO: A person takes of the Canary Wharf monetary district from Greenwich Park in London, Britain, January 22, 2017. REUTERS/Hannah McKay/File Photo

Just 38 p.c of chief govt officers suppose income will rise by 2 p.c or extra per 12 months over the following three years, down from 47 p.c in 2017 and 58 p.c in 2016’s survey.

Instead, 61 p.c of company heads mentioned they anticipated progress of between zero and a couple of p.c per 12 months, up from 54 p.c final 12 months.

Overall, KPMG’s report chimed with different business surveys that depict a muted outlook for companies within the years forward.

A Bank of England survey of corporations printed final week confirmed funding intentions in providers corporations had weakened barely, reflecting uncertainty across the phrases of Britain’s departure from the European Union, due in March 2019.

While the KPMG report confirmed corporations within the United States, France and Japan had change into extra assured within the financial progress prospects of their nations, the alternative was true of Britain, Germany, Italy and Spain.

“Many governments and businesses are still grappling with unforeseen developments, such as Brexit and the rise of economic nationalism, which are having a seismic impact on their decision-making,” Bill Michael, UK Chairman of KPMG, mentioned.

“A return to territorialism” was ranked as the largest risk to progress by British company bosses, the survey confirmed.

KPMG surveyed 150 chief executives in Britain as a part of its wider annual survey of 1,300 company bosses across the world.

Reporting by Ana de Liz, enhancing by Andy Bruce

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