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Comments on the Brexit countdown – one year to go PDF Print E-mail
Thursday, 29 March 2018
Benson Hersch, CEO of the Association of Short Term Lenders (ASTL), comments on the Brexit countdown – one year to go: “It’s been exactly one year since Theresa May triggered Article 50 and kick-started the Brexit process. Today, Britain starts the countdown to Brexit and on March 29th 2019, the United Kingdom will formally leave the European Union. Although notable progress has been made on several key issues, many major obstacles to a smooth Brexit remain and there are worries over whether these demands will be met. In fact, our survey of members in December 2017 highlighted that 46% were worried about the potential outcomes of Brexit negotiations.  In more positive news for the bridging sector, despite ongoing concerns relating to Brexit and the property sector, the bridging finance industry remains in good shape and is ready and willing to meet the challenges that leaving the European Union may bring. The final quarter of 2017 saw the first time that quarterly completions for ASTL members exceeded £1 billion.  With annual completions by members exceeding £3.5 billion, it is clear that the bridging sector continues to provide a vital role in the economy by offering customers access to the capital they need in a responsible and sustainable way.”

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