In the third of our series of Finance Directors' perceptions surveys, we spoke to 105 Finance Directors (FDs) at businesses across the UK operating in a wide range of industry sectors. The survey took place during the final two weeks in March 2009 and followed on from two previous surveys undertaken six and 12 months previously.

Over the course of the last year, the recession has deepened and businesses across the UK are starting to feel the effects of worsening economic conditions. However, in spite of the obvious challenges thrown up by the global financial crisis, the survey highlighted some positive trends in FDs attitudes towards expansion, recruitment and investment.

Indeed, despite the recurring bad news and the prospects of further difficulties to come, the survey reveals an under current of greater optimism about the future than was the case 6 months ago. This echoes the results of other recent economic and business surveys that indicate that perhaps the worst of the recession is over.

That said however, many parts of the country and industry sectors appear to be suffering disproportionately. Overall the infrastructure of the UK economy has been severely battered and any recovery appears likely to be slow.

This report analyses FDs responses to the survey and summarises their economic views and possible strategies in the following areas:

Growth 
Comparing like-for-like sales in the first six months of 2009 with the same period last year provides a basis for some optimism.

Fiscal measures 
An analysis of FDs views on the effectiveness of the government’s stimulus packages over the past six months.

Cash flow 
UK businesses reveal just how badly the lack of liquidity and available credit has hit them.

Managing costs 
FDs reveal how they responded to the pressures on their businesses through managing employees and rethinking workforces.

Investment 
We explore how businesses intend to fund their own expansion and to what extent plans for investment have been hampered by the economic downturn.

Post-recession 
FDs give their views on how the UK will look in the aftermath of the global financial crisis.

Follow the links above to discover how your peers plan to cope with the ongoing recession and their thoughts on how to respond to economic recovery.