The accountancy group said 54% expected the UK to suffer a double-dip, up from 27% a year ago.
CFOs are already reporting the sharpest decline in credit availability since the collapse of Lehman Brothers in 2008.
They also said there was more than a one in three chance that at least one country would leave the euro this year. Firms said they were “unconvinced” by European leaders’ response to the crisis.
Most CFOs said a break-up of the euro was the biggest risk to their firm.
A separate survey also highlighted a big fall in confidence among UK SMEs.
Ian Stewart, chief economist at Deloitte, said: “Against such a backdrop it is no surprise that a return to recession in the UK is, after the euro, the second biggest concern for CFOs in 2012.
“CFOs are now working on the assumption that Britain will fall back into recession. They see a 54% change of a “double-dip”, up from just 27% a year ago.
“Those pinning their hopes for growth on a sharp increase in corporate spending in the UK this year may be disappointed. On balance CFOs expect corporate hiring, investment and discretionary spending to contract in 2012.”
