Only 10% brokers think that the UK government is in control of the Brexit process, according to United Trust Bank’s most recent broker sentiment poll.
The October survey of over 140 intermediaries working in property and asset finance, found that 63% of brokers felt that it was actually the European Commission who were in control whilst 24% felt that negotiations were evenly balanced. The remaining 3% didn’t know.
Which of the following statements best describes your view of how Brexit is progressing?
- 63% – The European Commission appears to be in control
- 10% – The UK government appears to be in control
- 24% – The Brexit negotiations are evenly balanced
- 3% – Don’t know
Harley Kagan, group managing director, United Trust Bank, said: “Since the EU referendum result was announced UTB has taken the view that Brexit would increase uncertainty and that we all needed to adapt to it. I’m pleased to say that that’s precisely what UTB and the vast majority of our customers have done.
“However, although Brexit hasn’t stopped UTB from having another successful year, there’s no denying that UK businesses and households would benefit from having a clearer picture of what life outside of the EU will look like after March 2019. At the moment, we appear to be making very little headway on very important issues such as trade and the free movement of labour, both of which could have a considerable impact on UK PLC.
“On the positive side, we’re not the only business which has grown despite the uncertainty. Figures from UK Finance show that mortgage lending for home purchases and remortgages has increased year on year. The FLA has reported strong growth in both asset finance lending and second charge loan volumes and bridging finance volumes have increased once again. Uncertainty appears to be the new normal and change will continue to happen. Whether you believe that Brexit, a slowing economy, cooling house prices or any other factor beyond our direct control will bring opportunity or failure, you’re probably right. At UTB, we choose opportunity every time.”