Majority of financial leaders believes Brexit should be delayed on the back of Covid-19

The health of the economy is not looking great if you ask financial leaders around the planet and the majority of European ones think this should be cause to delay the UK’s divorce from the EU.

That’s according to a new survey from Coupa Software, the business spend management firm. Having polled 667 financial leaders around the world, the survey revealed that 87% believe the coronavirus will cause a recession. Across Europe, this has resulted in 83% of them thinking that Brexit should be delayed until the problems are dealt with.

Looking at the UK, 32% of financial leaders believe that Brexit should be delayed for more than a year, compared to just 31% and 21% in France and Germany respectively.

The research also found that many businesses may not have the right spend management strategies in place and could be leaving room for error when making critical business decisions.

Coupa Software also highligted that 70% are preparing for the downturn by making broad or department-focused cuts over the next six to 12 months. The venture also noted that 76% are reliant on traditional or outdated methods to manage their business spend, and 42%

“The results of this survey are eye-opening and reinforce the importance of having the right technologies and processes that provide visibility and control across all corporate spending,” said Rob Bernshteyn, chairman and CEO of Coupa Software. “With uncertainty likely to continue for some time, companies should select a comprehensive spend management solution that will enable them to build resilience for any market condition.”

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