Brokers overwhelmingly upbeat on economic recovery and confidence in their own businesses

25 March 2014

An overwhelming majority of brokers are feeling very positive about the UK’s economic outlook with 94% expecting the recovery to continue throughout this year.

The findings of the most recent United Trust Bank broker survey also revealed that 83% of brokers were feeling upbeat about their own businesses as well, with 47% being very optimistic and 36% expecting 2014 to be ‘a good year’.

However, 9 out of 10 brokers think Mark Carney should keep interest rates on hold even if the rate of UK unemployment drops below 7% this year. The Governor of the Bank of England has previously suggested that he would not consider increasing interest rates until unemployment fell to 7% or below.

In addition, 85% of brokers would like the government to maintain its planned deficit reduction at the current pace whilst a further 7% would like to see it speeded up. Just 6% of respondents said that they would like to see more focus on increased investment even if this meant increased borrowing or taxation.

Harley Kagan, Managing Director at United Trust Bank, commented;

“It’s great to see that so many brokers are feeling optimistic about the economic climate and the outlook for their own businesses. After a challenging few years there now appears to be a wave of confidence and positivity sweeping across the country and this provides excellent opportunities for brokers to help individuals, developers and businesses to secure the funding they will need to accelerate investment after a spell in the doldrums. It’s interesting to note that most brokers do however feel that interest rates should not be increased prematurely. Increasing financial pressure on individuals and businesses whilst trying to encourage investment could slow or stifle the recovery and we would certainly support a cautious approach to raising the cost of borrowing.

“Despite increasing confidence we expect the High Street Banks to remain quite conservative about lending be it for housing development or business. More flexible ‘challenger’ banks such as United Trust Bank are well placed to fulfill the increasing demand. Also, whereas smaller, specialist lenders may have previously been viewed as ‘alternative’ funders I believe we are now often the first choice because of our ability to provide bespoke lending at competitive rates and with an attention to detail and service.

“Building on the success of last year when we won the NACFB “Short Term Lender of the Year” award, our current business levels indicate that 2014 is shaping up to be yet another year of growth for United Trust Bank. As such we will continue to develop our products and services to meet the changing needs of our broker partners and their clients.”

ENDS

For further information:
Jason Wyer-Smith – Blaze Communication: 07824 818242

Notes to Editors:

To link to our website please use: http://www.utbank.co.uk/

United Trust Bank

United Trust Bank is a specialist bank providing a wide range of secured funding facilities and deposit accounts for individuals, businesses and charities. We provide quick and flexible funding solutions to brokers and their clients supporting sound property development, bridging and asset finance proposals. United Trust Bank takes an entrepreneurial and pragmatic approach to business and we are driven to understand our customers’ needs, to deliver the highest levels of service and build strong relationships for the long term.

United Trust Bank was incorporated in 1955 and has many decades of lending experience. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our management team has a long history of working together and we employ a team of highly experienced professionals. Our flat management structure minimises bureaucracy, encourages flexibility and enables quick decision making and innovation. As an entrepreneurial and customer focused organisation, we develop our business so that we may continue to meet the evolving needs of our customers and take advantage of new opportunities.

United Trust Bank has successfully operated in the development finance market for several decades. Whilst other lenders have come and gone United Trust Bank has been a reassuring constant for brokers and developers during turbulent times. Building on our deep knowledge of property and credit, our bridging department has expanded quickly to become one of the most respected teams in the bridging industry, winning several awards for outstanding service. Our asset finance department utilises the expert knowledge of the team to offer finance packages secured against a wide selection of wheeled and tracked assets.
Loan facilities are available for:
• Bridging finance
• Development finance
• Asset finance

Jason Wyer-Smith
Consultant – PR

Telephone +44 (0)7824 818242
http://www.blazecommunication.com
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