Chief Financial Officers (CFOs) in the UK's largest companies are showing a much greater appetite for risk and have shifted their focus from cost reduction towards expansionary strategies, according to research from Deloitte.

The firm's Q2 2013CFO Survey shows getting on for half (45%) say now is a good time to take risk onto their balance sheets, the highest proportion in six years and more than double the level of a year ago.

In comparison, the number of CFOs who report that reducing costs is a priority for their business has fallen to the lowest level in two years, down from 42% in Q1 2013 to 34% currently.

The survey, which gauged the views of 135 CFOs, including 37 from FTSE 100 companies and 45 from FTSE 250 companies, reveals that over half of those polled see credit as being cheaper and more available than at any time in the last six years.

Ian Stewart, chief economist at Deloitte, said: 'Expansion is back on the agenda for many businesses with expectations for hiring and investment back to levels not seen since early 2011 when the world seemed set for recovery. CFOs' willingness to take risk on to their balance sheets has risen to the highest level we have ever recorded. The recession-era focus on cost-cutting and debt reduction is easing.'

The survey also shows that CFOs are more confident about prospects for the UK economy with 73% now reporting concerns about uncertainty, down from a peak of 97% in late 2011. CFOs rate the chance of a breakup of the euro area at 9%, down from 36% a year ago, while the probability of the UK experiencing a recession in the next two years has halved from 47% to 23%.