Only 10% of brokers think the UK government is in control of Brexit

Michael Lloyd

November 22, 2017

Just 10% of brokers believe that the UK government is in control of the Brexit process, United Trust Bank’s broker sentiment poll suggest.

The survey of over 140 intermediaries working in the fields of property and asset finance, carried out by UTB in October, found almost two thirds (63%) of brokers felt that it was actually the European Commission who were in control whilst 24% thought that negotiations were evenly balanced. The remaining 3% didn’t know.

Harley Kagan, group managing director at 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.

Breakthrough Brexit deal good for business

“I’m pleased to say that that’s precisely what UTB and the vast majority of our customers have done.

This news follows a difficult period for the government following the recent departure of two cabinet ministers, Michael Fallon and Priti Patel and criticism of foreign secretary Boris Johnson.

Kagan added: “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.”

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