42% of finance brokers have no plans in place for
United Trust Bank

42% of finance brokers have no plans in place for Brexit

Some 42% of property and asset finance brokers have no plans in place for Brexit, according to new research.

United Trust Bank’s (UTB) latest broker sentiment survey found that some were leaving it until it becomes clearer what Brexit will actually look like.

Just over one in five brokers (21%) said they had made plans believing that Brexit would bring positive opportunities for their business, while 5% were planning for potentially damaging implications.

More than a quarter of brokers (26%) claimed that Brexit would not impact their business.

Are you or your business drawing up a Brexit plan?

The survey also asked brokers whether Brexit had influenced any significant business decisions.

Some 44% of brokers said that they intended to increase their spend on marketing and promotion, while 20% had put a freeze on recruitment.

“Within the next couple of weeks, we’ll know whether the Brexit deal negotiated by the government will proceed or whether it will be back to the drawing board for Mrs May and possibly months or even years of further uncertainty,” said Harley Kagan, group managing director at United Trust Bank (pictured above).

“It’s clear from our research that although the countdown clock is ticking, many brokers feel there are at present still too many variables to even begin planning beyond March 2019.

“What is encouraging is that around one in five brokers see Brexit as an opportunity not a threat and a slightly higher number expect the outcome of Brexit to be benign from a business perspective.

“UTB’s view has always been that while it’s prudent to keep a close eye on the implications there are developers, SMEs and entrepreneurs finding and unlocking opportunities across many sectors of UK industry and we remain committed to supporting them.”

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