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Brokers more positive about UK economy than customers – survey

  • 05/12/2017
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Brokers more positive about UK economy than customers – survey
Mortgage brokers are more positive than their clients about prospects for the UK economy, but only just – and neither group is enthusiastic.

According to surveys conducted by United Trust Bank, 36% of brokers said the majority of their customers had a negative view of the UK’s economic outlook for the next three years.

Just 20% believed most of their customers took a positive view while 40% said their customers were neutral.

In contrast, 35% of property and asset finance brokers felt positive about the next three years, 35% neutral and 30% negative.


Negative feelings

The poll was conducted in October and showed signs of more negative feelings coming through since the survey  immediately following the Brexit vote.

That found 56% of respondents were positive about the UK’s future outside of the EU.

“With just over one third (35%) of brokers now taking a positive view of the economic outlook to 2021, it appears that sentiment towards the split has become more negative,” United Trust Bank said.

It added that many business people were looking for certainty when making important decisions and not much of that was being seen as the country moved towards Brexit.

United Trust Bank group managing director, Harley Kagan said: “This lack of a cohesive view of how the UK will operate in just 18 months time coupled with almost daily reports of political infighting among those in charge of the process is bound to be detrimental to business confidence.

“In addition, companies may be devoting huge amounts of money and resource to working out just how they will continue to operate post Brexit.

“That resource may, in normal circumstances, have been employed in driving growth and investment, something which may have been moved to the back burner for the time being,” he added.

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