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25 October 2018

A poll amongst brokers working in the property and asset finance sectors has revealed that more than half (51%) would not support a second referendum on the terms of a proposed Brexit deal.

United Trust Bank’s most recent Broker Sentiment Survey received 220 responses overall and of those brokers responding to this poll question, 43% said they would support a second referendum whilst a baffled (but honest perhaps!) 6% said that they wouldn’t understand the difference between what was on offer between a ‘No deal’ solution or the so called ‘Chequers’ deal.

Property finance brokers

34% of brokers who operate in property finance sectors indicated that both a ‘Chequers deal’ and no deal Brexit may have a detrimental impact on their business whilst 23% felt that neither deal will have any effect.

Asset finance brokers

52% of brokers who work in Asset Finance indicated that both deals may have a detrimental effect on their business whilst 36% believe that neither option will affect them. Just 12% felt that both options could have a positive effect on their business.

Harley Kagan, Group Managing Director of United Trust Bank, commented:

“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. 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.”