NACFB reacts to Brexit
In response to covering the EU Referendum result, and its impact on (SME) business finance, Paul Goodman, Chairman of the National Association of Commercial Finance Brokers (NACFB), has issued the following statement:
In the wake of the Leave result, and the resignation of David Cameron, the UK is facing a period of considerable uncertainty, and small and medium-sized businesses will not be immune.
Nobody knows how the result of the EU Referendum will play out, and its ultimate impact on the economy, but choppy waters in the short-term are almost guaranteed.
The political events of the past 24 hours have the potential to shape the UK business landscape for many years to come. It’s just impossible to know whether it will be for better or for worse.
What we shouldn’t forget is that the economy is robust and employment levels high.
Managed correctly, the result of the referendum does not have to trigger a replay of the Global Financial Crisis. Bank of England Governor, Mark Carney, made a statement to this effect shortly after the Prime Minster’s resignation.
The Bank of England has stated it will stand firmly behind the UK economy and that is encouraging for the UK business community to hear.
Business owners, for their part, should not panic, but simply be vigilant and seek financial advice wherever appropriate.
Lending to UK SMEs in 2016 to date has been strong. The challenge now, for us and other bodies like us, is to ensure SMEs continue to receive the funding and support they need in uncertain times.