CFO support for EU dwindles

The number of CFOs in favour of the UK’s membership of the EU has dropped 12%, according to a survey by Deloitte.

The firm repeated a question asked in its Q2 2015 Survey on whether it is in the interest of UK businesses for the country to remain a member of the EU.

Deloitte polled 137 CFOs from FTSE 350 and other large private UK companies and found 62% in favour of the UK remaining in the EU, down from 74% in the Q2 Survey.

David Sproul, senior partner and chief executive of Deloitte, said: “A clear majority of CFOs continue to favour the UK remaining in the EU, but the proportion of those expressing unqualified support has fallen.

“This mirrors what we have seen from the broader public in opinion polls in the past six months.”

From the recent Q4 2015 Survey, 28% of CFOs polled said their final decision depends on the outcome of the prime minister’s renegotiation of UK membership, which is up from 23% in Q2 2015.

The proportion of those who say UK business would benefit from leaving the EU has risen to 6% from 2%, and 4% of CFOs say they are uncertain of their position, compared to 1% previously.

Sproul added: “With around one third of CFOs undecided on their position or awaiting the outcome of renegotiation discussions, the eventual deal may well significantly affect business attitudes to EU membership.”