57% of UK asset finance brokers responding to United Trust Bank’s most recent broker sentiment poll expect a no-deal outcome to the Brexit negotiations.
Over half of the 128 brokers surveyed believe Theresa May can agree a Brexit deal acceptable to Parliament by the agreed departure date of March 29th.
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In the survey brokers from the fields of property and asset finance, 31% felt that a deal agreed on both sides of the Channel could be achieved by the time the UK has to officially leave the European Union, unless an extension to the two year Article 50 timeline is agreed instead.
Furthermore, 62% would not have voted for the government’s original Brexit deal which included the Northern Ireland ‘backstop’.
Harley Kagan, group managing director at United Trust Bank, said: “With less than two months until the UK must leave the EU under Article 50, it looks like Brexit negotiations are going to go down to the wire. Parliament has rejected the Northern Ireland backstop as it stands, and the 26 other EU member states are standing firm with the Republic Ireland of Ireland which insists there’s no other alternative. One side will have to concede some ground or risk a ‘no-deal’ Brexit, which all sides appear to agree would be the worst outcome for everyone.
“On a more positive note, UTB has had a busy start to the year indicating that many businesses are carrying on regardless. It’s worth remembering that a majority do not have a trading relationship outside of the UK. And although parts of the UK have seen a cooling of activity in the residential property market, there are areas experiencing a strong demand. The UK’s housing shortage will not disappear overnight.
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By GlobalData“Despite the uncertainty, UTB continues to support SMEs, developers and housebuilders by providing a dependable source of funding and enabling them to seek out and seize opportunities to invest and grow.”
Last month, results from UTB showed that only half of brokers operating in the property and asset finance sectors are expecting their 2018 business results to be either ‘good’ or ‘excellent’.
