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Opinion
Praise voiced for PM’s housing finance
Firms concerned for no-deal Brexit
needed
Last month, Prime Minister Theresa May spoke at the National Housing Federation Summit, and announced £2bn of additional funding for housing associations. This announcement provides much certainty
regarding the
government’s commitment to the social- housing sector, enabling housing associa- tions and their private funders to plan and build for the future. Affordable housing across the UK is an
economic and social priority and lenders are committed to playing their part. The industry has provided £8.6bn of
private finance for social housing in 2017, helping to fund affordable homes across the country. UK Finance and its members now stand
ready to work with the government and housing associations to support the long- term investment in affordable homes.
Jackie Bennett Director of mortgages, UK Finance
Only one in seven (14%) small businesses have starting planning for a no-deal Brexit, according to new research. The Federation of Small Businesses (FSB)
found that a further 41% believe that a no-deal Brexit will have an impact on their business, but have not yet started planning for the possibility. One in 10 believe that a no-deal Brexit will have a positive impact on their ability to do business. It reveals that almost half of small firms
(48%) believe a no-deal Brexit will have a negative effect on their ability to do business. This figure rises sharply to 66% for small firms that trade with the EU and to 61% for those that employ staff from the EU. The research also exposed the actions
those small firms, which will be impacted by Brexit, intend to take between now and the time the UK leaves the EU in preparation for a no-deal Brexit: 35% of small businesses say that they would postpone major business decisions or innovations, while around one in five (21%) say they would cut staff or expenditure. FSB national chairman, Mike Cherry,
said: “Looking at this research it is obvious that our small firms are not prepared or
ready for a chaotic no deal Brexit and the impact that it will have on their businesses. “If you sell your products to the EU, buy
goods from the EU or if you rely on staff from the EU, you now see this outcome as a clear and present threat to your business. “It is deeply troubling that the prospect
of a no-deal Brexit is seeing many small firms shelving business decisions, pausing investment and, more drastically, thinking about cutting staff. These firms are the growth engines of the UK economy and it is critical that the government listens to their worries. “At this stage, it is understandable that
some small businesses have not started preparing as they are not actually aware of what they are planning for. What we need now is the government to work with the small business community to ensure that they are adequately prepared and supported if a no-deal Brexit becomes a more likely outcome in the coming weeks. “The concern is that, with only six months
to go before exit day, we are now in a race against the clock to avoid a situation where we crash out of the EU, causing significant damage to our smallest businesses. This must be avoided at all costs.”
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www.CCRMagazine.com
October 2018
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