PM Johnson splits Broker opinions and 70% believe a ‘No Deal’ Brexit is coming - UTB Poll

24 September 2019

50% of finance brokers would not have voted for Boris Johnson to be Prime Minister. That’s the finding of United Trust Bank’s most recent Broker Sentiment Poll carried out amongst 117 brokers operating in the fields of property and asset finance.

45% of respondents said they would have ‘backed Boris’ and the remaining 5% were undecided.

Would you have voted for Boris to be Prime Minister?

No	50%
Yes	45%
Don’t know	5%

There was more agreement on the question of what is most likely to happen on October 31st with Boris Johnson in charge with 70% believing a ‘no deal’ Brexit is on the cards. However, opinions were split down the middle on whether that would be a good result or a catastrophe.

Just 23% of brokers believe that leaving the EU with a deal is still possible but most of those feel that the deal will be the same or similar to the one Theresa May failed to get ratified by Parliament.

What do you think will be the result of the PM’s approach to Brexit?

A no deal Brexit on 31^st October – The right result	35%
A no deal Brexit on 31^st October – A catastrophic result	35%
The same or very similar Brexit deal Mrs May failed to get through parliament	13%
A considerably better deal than Mrs May failed to get through parliament	8%
A considerably better deal than Mrs May failed to get through parliament	2%
Don’t know	7%

Broker views on the UK’s economic outlook for the next three years under Boris Johnson’s leadership was also divided. 40% of respondents indicated a negative outlook against 38% with a positive view.

What’s your view of the UK’s economic outlook for the next three years now that Boris Johnson is Prime Minister?

Negative	40%
Positive	38%
Neutral	19%
Don’t know	3%

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

“Most of us have become accustomed to the near permanent state of uncertainty surrounding Brexit and the outlook for the UK economy. With Parliament prorogued for five weeks it remains to be seen whether this Government can manage to negotiate a deal with the EU which will be acceptable to Parliament and enable the UK to leave in an orderly fashion.

“At UTB we’re continuing to see strong levels of new business across property and asset lending and we continue to invest in people and new technology, forging our own path through the confusion. We have ambitious plans for the Bank and have exciting new products, service enhancements and appointments to be announced over the coming months. We will of course be keeping a very close watch on what happens in the lead up to October 31st, and we have plans and contingencies in place for all eventualities, but whatever the outcome, we will continue to provide the funding for UK housebuilders, property developers, SMEs and homeowners to seize opportunities, invest in their businesses and improve their homes and lives.”