4 out of 5 brokers undeterred by Brexit uncertainty
The latest ‘Broker Sentiment Poll’ from United Trust Bank has revealed that 4 out of 5 brokers (81%) are pursuing their plans for their businesses regardless of what happens with Brexit.
However, 1 in 10 (9%) are putting plans on hold until the nature of Brexit is much clearer and a further 8% are pursuing a more conservative plan due to Brexit uncertainty. Just 2% are implementing more aggressive growth plans.
How is Brexit uncertainty affecting plans for your business?
We are pursuing our plan regardless of what happens
We are putting plans on hold until the nature of Brexit is much clearer
We are pursuing a more conservative plan until the nature of Brexit is much clearer
We are pursuing a more aggressive plan as a result of Brexit uncertainty
The survey of 130 brokers from the fields of property and asset finance then asked respondents to indicate approximately what percentage of their customers they thought were being affected by Brexit uncertainty.
1 in 4 responded that their customers were not being affected at all but nearly half (47%) felt that around a quarter of their customers were delaying plans or scaling back due to Brexit uncertainty.
How much is Brexit uncertainty affecting your customers?
Brexit uncertainty isn’t affecting my customers at all
Around 25% are delaying or scaling back the plans they had made
Around 50% are delaying or scaling back the plans they had made
Around 75% are delaying or scaling back the plans they had made
Some customers are bringing plans forward or adopting a more aggressive strategy
Harley Kagan, group managing director – United Trust Bank, commented:
“At UTB we’ve always taken the view that whilst it’s important to keep a close eye on the political and economic landscapes, we wouldn’t allow Brexit uncertainty to divert us from our own plans. It is encouraging therefore to see that most brokers have adopted the same stance.
“With still so much to be agreed in the next few months, businesses remain cautious. Most brokers have customers who have made some adjustments to their business plans due to Brexit but there are still lots of companies looking to invest and grow and build. We have seen excellent levels of new business enquiries throughout the first four months of this year and we continue to help SMEs across the UK seize opportunities and invest in their futures.”