According to research from financial services giant Deloitte, more than one-third of CFOs quizzed believe a double-dip slump is a likely occurrence, although the survey suggested the economic outlook is not uniformly negative.
"UK corporate entered 2010 with a cautious view on the sustainability of the recovery and have stuck to this view," said Deloitte vice-chairman Margaret Ewing. "The dominant themes we saw in the first half of 2010 continue."
Although three-quarters of the CFOs questioned were wary of taking risks in the current financial climate, the study found that credit conditions for large UK firms are continuing to pick up.
Last week, International Monetary Fund chief Dominique Strauss-Kahn told BBC News that co-operation between global governments to combat the worldwide economic crisis is beginning to falter.
By Gary Cooper