More than 90% of CFOs expect the UK to enter a recession in the next 12 months and have started cutting costs, according to research published by flexible workspace operator IWG.
Of the 250 UK CFOs questioned for the study, 91% said an economic crisis is inevitable, 36% are predicting a recession this year and 97% have started implementing, or are planning to implement, cost cutting measures.
Two thirds (65%) of businesses intend to reduce facility spend by more than 10% per year and 82% said they viewed hybrid working as a more affordable business model and a key way of achieving saving targets.
Half of CFOs said they have already opted for short term leases of shared workspace to give them flexibility and allow their business to quickly scale up or down depending on their space requirements. And more than half (53%) said they believe their workforce prefers a hybrid working model.
