Financial leaders back Brexit delay as they brace for recession

A new global study of over 650 financial leaders across industries, set to be released on 10th June, will reveal that 87 percent believe we’re likely headed into a recession, with more than half (53%) expecting it to last six months or longer. In Europe, 83 percent of those polled also believe that Brexit should be postponed while the effects of the pandemic are dealt with.

The study from Coupa Software https://www.coupa.com/ reveals how those in financial services are responding and the concerns they have as a recession looms, including:

• 95 percent of those in financial services are making cuts within their business to contain costs in the next 12 months Signs that the financial services sector is not prepared, as 42 percent are still in the process of digitizing their systems, and 75 percent are reliant on outdated methods – including using spreadsheets, an ERP System, or even multiple disparate solutions to track spend 89% of those in financial services believe it’s likely that we’re entering a recession, with 84% believing it will last up to a year * 34% of European financial services’ workers believe that Brexit negotiations should be delayed for more than a year while nations cope with the effects of the pandemic – vastly more than those working in retail and manufacturing (22% and 21% respectively)

For background, Coupa Software’s Business Spend Management (BSM) platform enables some of the most well-known international companies to better control and understand their spending. Its customer portfolio includes the likes of BMW, Barclays, Toyota and Adidas, all of which contribute to Coupa’s platform cumulatively processing more than $1.7 trillion in business spending.

In advance of the embargo lift on 10th June, might you be interested in taking a look at the full release or in speaking to Coupa to discuss the trends they’re seeing in business spending around the world and the implications for the global economy more at length?