Corporate cost-cutting at a four-year high despite growing economic optimism

· Two in five (41%) European businesses plan to cut costs this year, up from 28% in 2021 to the highest level seen the outbreak of the Covid-19 pandemic, despite opportunities ahead · One in three (34%) businesses are more likely to request longer payment terms from suppliers, or pay later than agreed · Businesses are losing more than a quarter of the working year (73 working days) chasing late payments* · European business are owed €10.5 trillion in outstanding payments (30% of total GDP and equivalent to the combined GDPs of France, Germany and the UK)Two in five (41%)