Around 25% of CFOs reported being more optimistic about the financial prospects of their business than they were in January, according to the latest Deloitte CFO quarterly survey.

Going forward, CFOs cited increasing cash flow (48%), reducing costs (43%) and lower borrowing costs (24%) as their top priorities. However, they expect cuts to overall capital expenditure, hiring and discretionary spending over the next year.

Only 39% ranked economic uncertainty as a substantial risk to their business – down from 71% in Q4 2022.

Brexit, high energy prices and disrupted energy supplies posed significantly less risk to businesses than they did in Q4 2022, eased as a result of the Windsor Framework, announced in February.