Deloittes quarterly CFO Survey, conducted between 2nd and 14th December 2025 with 55 finance chiefs from major UK firms including FTSE 100 and 250 companies, highlights a marked shift in sentiment towards technology adoption.

Surging AI Optimism

Some 59% of respondents reported greater optimism on AI's potential to boost their organisation's performance over the past year, a significant jump from 39% in Q3 2024. This reflects growing confidence in AI as a driver of productivity amid economic challenges.

Overwhelmingly, 96% of CFOs expect UK companies to increase investment in digital technology and assets over the next five years. Additionally, 77% anticipate rises in productivity growth and overall business performance during this period.

Richard Houston, senior partner and chief executive of Deloitte UK, commented: CFOs are significantly more positive about improving performance through deploying AI and remain upbeat about technology investment over the medium term. We know technology was a big driver of US GDP in 2025 and we see real potential in the year ahead for AI to boost UK business performance and fuel growth.

Improving Risk Appetite and Confidence

Risk appetite has edged higher, with 15% of CFOs viewing it as a good time to take on more balance sheet riskup from 3% last quarter, though below the long-run average of 25%. Business optimism improved from Q3 lows, aligning with March 2025 levels, despite a net balance of -13%.

Capital expenditure priorities reached a 2.5-year high of 17%, slightly above the long-term average. External uncertainty perceptions have also eased marginally.

Key Risks for 2026

The top risk remains rising geopolitical tensions, rated 65 out of 100, followed by UK competitiveness and productivity concerns at 62the highest since late 2014. Energy price risks rank third at 47.

Ian Stewart, chief economist at Deloitte UK, noted: Business sentiment is subdued but more positive than a year ago. While CFOs remain cautious about geopolitics and productivity, business confidence and risk appetite have ticked up from their autumn lows.

The survey covers firms with a combined market value of 389 billion, representing 14% of the UK quoted equity market, underscoring its influence on national economic outlooks.