Over half (53%) rated credit as costly, and over a third of finance leaders (39%) noted that new credit was not easily available.

The financial market impact of the government’s mini-budget on 23 September, which took place halfway through the survey period, has added to the pressures.

Tightening credit conditions have resulted in a sharp fall in the attractiveness of debt finance to CFOs over the year. Many CFOs now see equity as a more attractive source of finance than corporate bonds, an assessment last seen during the credit crunch in 2009.