Harley Kagan

51% of brokers don't want a second Brexit referendum




Over half of brokers working in property and asset finance (51%) would not support a second referendum on the terms of a proposed Brexit deal, according to new research.

The latest United Trust Bank (UTB) broker sentiment survey – which received 220 responses – revealed that 43% of brokers would support a second referendum, while 6% said that they wouldn’t understand the difference between a ‘no-deal’ solution or the so-called ‘Chequers’ deal.

Some 34% of property finance brokers believed that both a Chequers deal and a no-deal Brexit may have a detrimental impact on their business, while 23% felt that neither deal would have any impact.

Over half of asset finance brokers (52%) believed that both deals may have a detrimental impact on their business, while 36% believed that neither option would affect them.

Just 12% of asset finance brokers felt that both options could have a positive effect on their business.

“With so much uncertainty surrounding trading and customs arrangements post-Brexit, it’s inevitable that many brokers and their customers are preparing for the worst and hoping for the best,” said Harley Kagan, group managing director at United Trust Bank (pictured above).

“Uncertainty about the future creates more fear than being able to plan for a certain outcome, even if that outcome isn’t the one we’d choose to have.

“I suspect that a need to just accept and get on with whatever Brexit is going to look like is behind many brokers’ views that the UK doesn’t need a second referendum, even if they voted to remain back in 2016.

“However, as we draw closer to a final deal, I am confident that growing numbers of resilient UK businesses will once again look to invest, build and grow following our split from the EU, seizing the opportunities which can often come from change.

“When they do, UTB is ready to support them.”

In September, United Trust Bank appointed two new BDMs to its mortgages and bridging team.

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