31% of brokers choose ‘boom’ over ‘doom’ in United Trust Bank sentiment survey

09 February 2017

31% of brokers expect the UK economy to grow beyond expectations in 2017.

The survey, carried out by United Trust Bank amongst brokers operating in the fields of mortgages, bridging, development finance and asset finance, had an excellent response and although nearly one third of brokers were optimistic about the year ahead, a majority were more cautious.

The survey, carried out in January this year, found that 65% of brokers felt that the UK would avoid a recession but would not be a star performer either. Only 4% expect the UK to be in recession by the end of the year.

In addition to their views on the economy, UTB also asked brokers how they felt about the prospects for their own businesses.

75% of brokers felt that the outlook for their own business was ‘bright’ compared to 2% who suggested their outlook was ‘gloomy’. 23% said their outlook was ‘unsettled’.

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

“With MPs voting to back the European Union Bill the Brexit process can officially begin. However, with hundreds of amendments to the bill already tabled, debate over the detail of the separation from the EU is set to dominate headlines for some time to come. But there is now some certainty. The vote on the European Union Bill on the 1st of February may be the point of no return.

“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. As lenders and advisers we must continue to support the ambitious and innovative SMEs and individuals who contribute so much to the performance of the economy and together we will provide the funding which powers their growth.”