Benson Hersch

45% of ASTL members confident about future of UK economy




Figures have suggested that members of the Association of Short Term Lenders (ASTL) are now even more confident than they were prior to the EU referendum.

A survey of the group’s members revealed that 45% of respondents are now confident about the future prospects of the UK economy, up from the 35% figure recorded in November 2016.

In April 2016, just 38% felt positive about the UK’s future prospects.

Benson Hersch, CEO of the ASTL, said: “Good results in Q1 of 2017 have caused lenders to be more positive about the future.

“The ASTL should continue to grow in both numbers and influence as recognition of the sector spreads.”

Negativity among ASTL members also dropped, with just 21% saying they were not confident about the UK’s prospects over the next 12 months, compared with 67% immediately after the referendum.

Meanwhile, 85% of lenders felt that volumes would grow over the next six months, with none of the respondents expecting business to decrease.

This success may also bring new entrants to market, prompting 52% of respondents to say they expected greater competition.

However, there was little evidence to suggest this surge in confidence was a result of the recent spring Budget, with only 22% feeling more optimistic after its contents were revealed.

Benson added: “Bridging finance has come a long way and – while there will no doubt be ups and downs – it’s here to stay.”

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