Despite signs of an improvement in credit conditions and the financial prospects of corporates, the first quarter 2009 CFO survey of major UK corporates found that 86% have or will reduce hiring, while 81% plan to or have reduced headcount.

The survey also shows that 95% of CFOs will cut or have cut discretionary spending and 81% will or have already cut capital spending. And most CFOs do not expect a quick improvement of credit conditions any time soon, with only 10% predicting an improvement in the price and availability of credit this year.