Harley Kagan United Trust Bank

Only 31% of brokers optimistic about UK economic growth

Less than one-third of brokers expect the UK economy to "grow beyond expectations" in 2017, new research has revealed.

A survey conducted by United Trust Bank (UTB) found that only 31% were optimistic about the nation’s prospects in the year ahead, while a further 65% felt that the UK would avoid a recession, but would not be a star performer.

Despite this uncertainty about the wider economy, some 75% felt that the outlook for their own business was “bright”, compared with just 2% who suggested their outlook was “gloomy”.

Harley Kagan, managing director at UTB, said: “What is very encouraging from this survey is the much higher percentage of brokers who believe their own businesses can thrive despite the uncertainty ahead.

“Their businesses are much more under their control than the complexities of UK PLC.

“Brokers and lenders must be prepared to tolerate uncertainty for the next few years and embrace inevitable change.”

Last week, the Bank of England’s Monetary Policy Committee voted to maintain the bank rate at 0.25%.

This followed plans from Prime Minister Theresa May to boost investment and modernise British businesses.

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