Top UK companies expect Covid-19 to cut sales by a fifth: Deloitte poll

[LONDON] Britain's largest companies expect the coronavirus to reduce their sales by more than a fifth this year and are gloomier than during the 2008-09 financial crisis, according to a survey published on Monday by accountants Deloitte.

The quarterly survey of chief financial officers (CFOs) at more than 100 of Britain's largest businesses showed the biggest drop in confidence since it began in 2007, and the lowest risk appetite since the global financial crisis in 2008.

"CFOs expect the lockdown to ease in May and June and demand in their own sectors to start recovering later this year. But there is no expectation of a quick snap-back in activity," Deloitte's chief economist, Ian Stewart, said.

REUTERS