UK CFOs grow optimistic on AI but withhold investment
A sharp rise in AI optimism among Britain's finance leaders has yet to translate into corporate spending, highlighting a cautious approach to the technology's near-term payoff.
Nearly three-quarters of the finance chiefs at Britain’s largest companies now believe artificial intelligence will improve their business performance. Yet, this growing conviction has not translated into a willingness to open corporate wallets.
In Deloitte’s latest quarterly survey of UK CFOs, 73% expressed optimism about AI's impact. This is a sharp increase from 59% at the end of 2025 and just 39% two years earlier. The poll, conducted between 1 and 13 July, gathered responses from 58 executives at FTSE-listed and large private firms.
This steady climb in AI sentiment stands out against a gloomy macroeconomic backdrop. Business confidence in the UK hit a six-year low earlier in 2026, dragged down by sluggish growth prospects. While anxieties over geopolitical risk and energy prices have eased slightly over the summer, worry about domestic competitiveness remained stuck at 63.
Despite their optimism, finance leaders are treating the technology as a long-term prospect rather than an immediate fix. While 96% of CFOs expect tech investment to rise over five years and 77% anticipate eventual productivity gains, few see any meaningful return within the next 12 months. Research showing that time freed up by AI is often wasted helps explain this disconnect.
“CFOs continue to prioritise cost reduction and cash control in this environment,” said Debapratim De, who became Deloitte UK’s chief economist in June. That defensive posture dictates where the money actually goes. Spending is strictly funneled into internal cost-cutting and streamlining operations, rather than the customer-facing applications that dominate the industry's marketing.
This friction between boardroom enthusiasm and operational reality extends across the C-suite. A separate BCG survey this year revealed that most chief executives believe their own boards are rushing AI transformations. For the broader tech ecosystem, this creates a disconnect: the UK's AI startups are now valued at roughly $256bn, but the domestic corporate demand needed to sustain that supply-side ambition remains highly measured.
Overall corporate risk appetite stayed subdued and well below its long-run average. The next quarterly reading will determine whether 73% is a peak or merely a stepping stone. For now, Britain's financial gatekeepers are content to champion the technology in theory while keeping their chequebooks firmly closed.
