A growing number of large British-based businesses are prioritising cashflow, fearing a downturn, as their view of the long-term economic impact of Brexit has darkened to its most negative so far, accountancy firm Deloitte said.

Some 81% of chief financial officers surveyed expect Brexit to lead to a long-term deterioration in Britain's business environment, the highest since the question was first asked at the time of June 2016's referendum on leaving the EC. This was up from 78% at the end of last year in the quarterly survey of 89 companies, including 15 in the FTSE 100 and 33 in the FTSE 250 share index, plus smaller firms and subsidiaries of major foreign companies. Deloitte carried out the survey between March 26 and April 7.

Most large businesses now expect the BoE to keep interest rates on hold over the coming year. The Deloitte survey showed the proportion of CFOs expecting one or more interest rate rises in the next 12 months dropped to 40% from 58% at the end of 2018.