The UK general election and the instability of the global economy are the two biggest concerns weighing on the minds of UK chief financial officers (CFOs), the latest research suggests.

Business advisory group Deloitte says the appetite for risk taking is falling as perceptions of uncertainty in the next 12 months grow.

Among top concerns are the UK general election, the result of which polls suggest is too close to call.

The Conservatives have guaranteed an “in-out” referendum on the UK’s EU membership if they win at the polls in May, which is breeding more uncertainty about the country’s future.

Meanwhile political and economic instability in the Eurozone, the UK’s biggest trading partner, was a third area of concern.

The survey took into account views from 120 CFOs at FTSE 350 companies and large non-listed businesses.

When asked to rate the level of risk posed between 0 and 100, CFOs attached a 63 rating to the General Election and 56 to deflation and weakness in the Euro.

“This marks a big shift in thinking,” said Deloitte chief economist Ian Stewart. “Going into each year, from 2008 to 2013, CFOs’ main concern was the state of the UK economy. Now the risks are seen as lying elsewhere.

“CFOs expect 2015 to be a year of investment and of recovering real earnings in the UK. Corporate and consumer spending look set to lend the UK economy important support, suggesting the UK will post decent growth through 2015.

“Corporates believe that the long consumer squeeze has ended. On average, CFOs expect wages in their businesses to rise by 2.9% in 2015. With economists expecting inflation of just 1.3% in 2015, real earnings look set to register the first annual increase in eight years in 2015.