There’s been no shortage of topics for finance leaders to discuss in 2025, from navigating the impact of tariffs and AI rollouts, to confronting the realities of a tight labour market, rising costs and stubborn inflation.
Looking back at conversations with Raconteur over the past six months, three main trends dominated the discourse among finance leaders: a heightened awareness of geopolitical risk (such as unpredictable trade policies), the existential threat of AI and persistent economic uncertainty.
Markets are supposed to look forward but plenty can be gleaned from looking back. Here are 12 choice quotes from the first half of 2025 and the clues they provide about the direction of travel for UK businesses.
“The incoming tariffs will likely leave few CFOs unaffected. I don’t think any business is completely immune to the challenges at play.”
So said Jim Lejeal, the CFO at Forter, a global retail fraud firm, describing the far-reaching impact of Donald Trump’s tariffs. Since the first round of levies were announced in April, the tariffs have dominated conversations among finance leaders, upended economic forecasts, intensified worries about growth and sent global stock markets tumbling.
“Finance leaders are under pressure to work out if the excitement translates into tangible success.”
Spending on AI projects has ballooned. In response, investors are seeking to understand the extent to which this technology can boost revenue – and the AI-for-AI’s-sake mentality is fading, explained Karla Smith, CFO at Ogilvy, an advertising agency. This mindset has been replaced by a disciplined push toward AI use cases with measurable return.
“People like to talk about the world falling apart but we’ve been through economic crises before. In fact, we’ve been operating in a pretty tough economic geopolitical environment over the last three years. Our job is to not jerk the wheel on any decision, but to maintain agility. Take the time to assess everything. This is a marathon, not a sprint.”
‘Awful April’ saw a raft of changes announced in the Autumn budget take effect, including higher minimum wages and increased employers’ National Insurance contributions. Amid fear among British businesses that these new costs would weigh on growth, Rachita Sundar, CFO at Qualtrics, an online survey platform, offered a timely reminder of the importance of composure, long-term thinking and strategic discipline.
“It’s going to change the landscape for us.”
Christoph Martin, CFO at PensionBee, a consumer pension app, reflected on how AI will evolve this year, becoming an even bigger component of financial decision-making. This is set against a backdrop of growing fears among young professionals that AI will make certain finance roles redundant.
“A clear message is being sent to the international community: the UK is a fierce advocate of free and fair trade and a reliable partner with whom to do business.”
In May, the UK became the first country to strike a trade deal with the US since Donald Trump’s tariff hikes. Rain Newton-Smith, chief executive of the Confederation of British Industry, commended the UK government for easing trade tensions and creating a more stable and predictable environment. This sentiment was shared by finance leaders and investors alike: in the month following the deal, Deloitte’s Q2 CFO Survey positioned the UK as joint top investment destination alongside India.
“This is one of those moments where we will see who is anti-fragile.”
Amid fears of an economic downturn, the former CFO of Oracle, Jeff Epstein, emphasised the need for business resilience. Some systems, he explained, don’t just survive stress or chaos, they become stronger because of them. Companies that can pivot quickly between growth, cost control and capital preservation will be most successful, he said.
“In the next few years, the London Stock Exchange will have to decide how much deterioration of reporting standards it will be willing to tolerate. Will it go head-to-head with the US in a race for more business or will it maintain higher standards and wait for the next crisis to prove its value to those who decide to list there?”
George Lagarias, chief economist at Forvis Mazars, a financial advisory firm, bemoaned Labour’s attempts at making London more attractive for stock exchange listings by ripping up red tape. Some scepticism is in order, he suggested, adding that market participants must question what the aims of deregulating the financial sector are – and what the costs are of getting it wrong.
“It’s not enough to develop the technology; the real hurdle is getting people to trust it.”
Building trust in AI is the next big step in finance technology, according to Patrick Villanova, CFO at Blackline, a software platform. Only then can it be trusted to meet the high standards of financial accuracy and accountability needed.
“A narrow financial focus simply won’t cut it. Instead, a top-to-bottom understanding of how the business works – from marketing, legal and people, right through to product, technology and operations – is required to be effective.”
Liz Kistruck, CFO of Motorway, an online marketplace for used cars, described how the CFO role today demands a broader tool kit, beyond the pure finance discipline. Finance leaders today need to be commercial, connected and thinking ahead, not just closing the books.
“People tend to find their moral compass when it is trendy and enthusiasm appears to be waning.”
Scott Morris, advisory board member at Skillcast, a regulatory compliance specialist training provider, reflected on the growing hostility towards ESG in the US and the impact this is having in the UK. Just a few years ago, banks, asset managers and other finance firms clamoured to flaunt their green credentials. Yet many are now turning their back on those climate commitments. This year, HSBC became the first UK bank to leave the global banking industry’s net zero target-setting group.
“To truly revitalise the UK’s growth and competitiveness, we need bigger, bolder ideas that tackle systemic barriers – not just tweaks to existing capital structures.”
Carrie Osman, founder and CEO of Cruxy, a UK-based consultancy, criticised the Financial Conduct Authority’s new private stock market, the Private Intermittent Securities and Capital Exchange System (PISCES), that launched in June. Doubts remain over its ability to boost capital markets.
“The battle against inflation is far from over.”
Professor Joe Nellis, an economic adviser at MHA, the accountancy and advisory firm, highlighted a bleak economic outlook for British businesses. UK inflation ticked up to 3.6% in June – an 18-month high. Persistent inflation has fuelled speculation that Labour will increase taxes in the autumn budget, leading firms toward tighter cost control and focusing resources on high-value initiatives.
Are you a finance leader helping run a business right now? Do these trends ring true to you? Would you like to add your voice to those of the experts who inform Raconteur’s finance coverage? Subscribe to Beyond the Balance Sheet to join the community of like-minded finance professionals and help shape our editorial agenda.
There's been no shortage of topics for finance leaders to discuss in 2025, from navigating the impact of tariffs and AI rollouts, to confronting the realities of a tight labour market, rising costs and stubborn inflation.
Looking back at conversations with Raconteur over the past six months, three main trends dominated the discourse among finance leaders: a heightened awareness of geopolitical risk (such as unpredictable trade policies), the existential threat of AI and persistent economic uncertainty.
Markets are supposed to look forward but plenty can be gleaned from looking back. Here are 12 choice quotes from the first half of 2025 and the clues they provide about the direction of travel for UK businesses.
