Some of the financial services industry’s top bosses have warned Chancellor Sajid Javid that the majority of UK SMEs remain largely unprepared for a no-deal Brexit.

Sky News understands that senior bankers told Sajid Javid that while they had made the necessary contingency plans if the UK leaves the European Union’s without a deal next month, many of their SME clients had not.

According to Sky News, someone in attendance said the bosses of major UK lenders including HSBC and Lloyds Banking Group were among those highlighting continuing concerns about the readiness of SMEs and possible implications for their supply chains.

Among those present at the meeting were Jes Staley, Barclays chief executive, Goldman Sachs International chief executive officer Richard Gnodde, and David Schwimmer, chief executive officer of the London Stock Exchange Group. Bruce Carnegie-Brown, chairman of Lloyd’s of London, John Kingman, chairman of Legal & General, and Howard Davies, chairman of Royal Bank of Scotland, also attended.

Cornwall-based WH Bond is to exit the machinery sales and plant hire markets citing market conditions and concerns over Brexit, leading to the sale of 1,200 pieces of equipment.

Euro Auctions has been appointment as valuer and auctioneers to manage the disposal of the machinery. The inventory of stock will go under the hammer on October 3 and October 4, with a total estimated value of £15m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Broker Sentiment Poll from United Trust Bank has revealed that four out of five brokers (81%) are pursuing their plans for their businesses regardless of what happens with Brexit.

However, 9% are putting plans on hold until the nature of Brexit is much clearer and a further 8% are pursuing a more conservative plan due to Brexit uncertainty. Just 2% are implementing more aggressive growth plans.

This week is expected to be of critical importance to the ongoing Brexit saga, with legislation due to be voted on that could potentially stop a no-deal Brexit, and the announcement of a general election also a distinct possibility.