Some of the financial services industry’s top bosses have warned Chancellor Sajid Javid that the majority of UK SMEs remain largely unprepared for a no-deal Brexit.
Sky News understands that senior bankers told Sajid Javid that while they had made the necessary contingency plans if the UK leaves the European Union’s without a deal next month, many of their SME clients had not.
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By GlobalDataAccording to Sky News, someone in attendance said the bosses of major UK lenders including HSBC and Lloyds Banking Group were among those highlighting continuing concerns about the readiness of SMEs and possible implications for their supply chains.
Among those present at the meeting were Jes Staley, Barclays chief executive, Goldman Sachs International chief executive officer Richard Gnodde, and David Schwimmer, chief executive officer of the London Stock Exchange Group. Bruce Carnegie-Brown, chairman of Lloyd’s of London, John Kingman, chairman of Legal & General, and Howard Davies, chairman of Royal Bank of Scotland, also attended.
Cornwall-based WH Bond is to exit the machinery sales and plant hire markets citing market conditions and concerns over Brexit, leading to the sale of 1,200 pieces of equipment.
Euro Auctions has been appointment as valuer and auctioneers to manage the disposal of the machinery. The inventory of stock will go under the hammer on October 3 and October 4, with a total estimated value of £15m.
The Broker Sentiment Poll from United Trust Bank has revealed that four out of five brokers (81%) are pursuing their plans for their businesses regardless of what happens with Brexit.
However, 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.
This week is expected to be of critical importance to the ongoing Brexit saga, with legislation due to be voted on that could potentially stop a no-deal Brexit, and the announcement of a general election also a distinct possibility.
