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September 3, 2019

Banks inform government of lack of SME preparedness for no deal Brexit

Financial services bosses have warned Chancellor Sajid Javid that the majority of UK SMEs remain largely unprepared for a no-deal Brexit.

By Christopher Marchant

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.

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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.

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.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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