Three out of ten finance chiefs eye 2017 growth

Three out of ten company finance chiefs believe the UK economy is set to grow this year – almost double the number who fear another downturn.

A survey of finance directors and chief finance officersfound 27 percent expect “modest” expansion of 1 to 2.5 per cent – up from 13 per cent in 2016 – while 3 per cent believe growth will be stronger than this.

More than one in two FDS (52 per cent) of those surveyed expect the economy to be flat or record “negligible growth” while the number forecasting the UK will have another recession has fallen from 45 per cent last year to 16 per cent in 2017. The research – carried out for professional body Icas’s magazine in conjunction with Scotland’s largest independent firm of chartered accountants Johnston Carmichael LLP – found domestic political factors are now seen as the biggest threat to growth, followed by Brexit-related issues.

About 120 Icas members took part in the survey, with half of those who responded being from Scotland.