For the first time since 2011, expansion is a bigger priority for U.K. businesses than cost-cutting or stockpiling cash, according to a Deloitte survey published on Monday.
Under one-third of the 116 U.K. chief financial officers (CFOs) surveyed viewed reducing costs as a priority this quarter, and 40 percent said that introducing new products and expanding into new markets took precedence.
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"A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion. The defensive strategies of cost-cutting and cash accumulation that saw corporates through the global financial crisis are increasingly out of favor. The priority now is expansion and the balance-sheet cycle has turned decisively towards growth," said Ian Stewart, chief economist at Deloitte.