Industry confidence amongst finance chiefs in the UK has seen its biggest rise since 2020, according to a Deloitte survey of CFO’s. Concerns about energy and Brexit seem to be diminishing, with improvements in key economic indicators causing the positive swing.
Primarily, the belief that inflation has peaked which is reflected in small energy price falls, alongside a rare moment of political calm. The collapse of The Silicon Valley Bank threatened to destabilise the progress; however, HSBC (who purchased the ailing bank), are now reporting record profits in Q1 2023 due to that windfall acquisition. Even when US regulators seized Federal Republic Bank earlier this month they were quick to hand over the lion’s share to JP Morgan Chase. This demonstrates that institutions are moving rapidly to shore up any potential dangers and put paid to concerns of a repeat of instability in the banking sector.
We will happily take this sprig of confidence and hope that this trend continues to be reflected in company’s investment in IT spending and technology. There is certainly evidence from IDC that organisations are not anticipating a decline in IT spending in 2023. https://www.bbc.co.uk/news/business-65294355