Business Lending Remains Strong Despite Brexit Uncertainty
With less than 200 days to go until the UK exits the European Union and uncertainty still looming over what deal will be negotiated, if at all, it would be understandable to think that business lending would have declined or at least plateaued.
In actual fact GC Business Finance has seen a 44% increase in lending over the period April – September 2018 when compared with the same period in 2017.
Perceptions of the economic impact of Brexit do seem to have influenced whether voters would vote the same if given the chance in another referendum according to a recent BBC article, however the International Monetary Fund (IMF) expects Britain’s economy to continue to grow if a broad Brexit agreement is reached.
The latest annual economic assessment of the UK economy saw IMF forecast 1.4% growth in 2018 and 1.5% expected growth in 2019. This is echoed by recent economic data from the Office of National Statistics which shows that the UK economy has grown 0.6% in the last 3 months since July.
Chancellor, Phillip Hammond has said, “leaving without a deal would put at risk the substantial progress the British people have made over the past 10 years in repairing our economy’ but it seems businesses continue to stare Brexit in the face and continue their journey of growth.
Chris Hutchison, head of lending commented “despite uncertainty over Brexit, businesses continue to pursue their growth ambitions, here at GC Business Finance we’re pleased to see that our lending continue to increase and the businesses we support continue to succeed.”
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If you’re interested in finding out more about Brexit and keeping up to date on the latest news, please see the Growth Hub’s Brexit Toolkit.