Deloitte Survey: 52% of UK CFOs Expect AI-Driven Job Cuts in Next Year

Deloitte released a survey on Oct. 14 showing that 52% of UK chief financial officers expect to use artificial intelligence to cut jobs over the next year. The survey, conducted from Sept. 17 to Oct. 1, covered 66 CFOs, including 12 from FTSE 100 companies and 25 from FTSE 250 companies.

Some 67% of respondents said they have achieved only a quarter of the AI-driven transformation they expect, highlighting that adoption remains at an early stage. While companies are using AI to reduce costs, only a third of CFOs believe AI will boost profit margins in the coming year.

Deloitte said the findings point to a renewed pattern of jobless growth in the UK. Rising AI adoption combined with high employment costs has made companies less likely to add large numbers of staff, contributing to rising long-term unemployment and a teenage unemployment rate at a decade-high. The trend stands out in an economy growing faster than its European peers.

The findings also add pressure on the government to balance AI adoption with labor-market concerns. Kanishka Narayan, the UK's AI minister, said in an Oct. 12 speech that ordinary workers would not be left to bear the cost of the AI revolution alone.