Industry reacts to the Budget announcement
30 October 2018 London
Image: Shutterstock
The Chancellor鈥檚 Budget announcement means 鈥渢ime to get those raincoats ready鈥�, according to Ian Larkin, CEO of Target Group.
When discussing how the UK budget might affect securities finance, Larkin said: 鈥淣ow is the time for lenders to be preparing to handle increased levels of borrower contact and the smarter lenders will be gearing up for proactive contact.鈥�
He added: 鈥淚n recent years there have been big advances in the ability to use technology and data to develop pre-impairment indicators that help identify signs of potential borrower strain before a payment has been missed. As the old adage goes鈥攖here is no such thing as bad weather, just unsuitable clothing.鈥�
Luke Davis, CEO and founder of IW Capital, commented: 鈥淚 am reassured by many of the measures announced in today's Budget鈥攊n particular, the feasibility study into defined contribution (DC) pension funds directed to high-growth small and medium-sized enterprises (SMEs) and new business investment measures.鈥�
Speaking of Brexit, he added: 鈥淭he UK's entrepreneurial economy is well equipped for a resilient post-Brexit future."
Mirroring this, Mark Brownridge, director general of the Enterprise Investment Scheme Association, stated: "This Budget could be entirely defunct in a matter of weeks depending on what happens in the Brexit negotiations. Therefore, this could potentially leave SME investors in dark, particularly in the short term.鈥�
Angus Dent, CEO of ArchOver, explained: 鈥淥nce Brexit negotiations are on the straight and narrow, the government needs to demonstrate that it believes in the future of British business. The best way to prove this would be to announce a mini-budget focused on advancing SMEs in a still-struggling economy.鈥�
He added: 鈥淭he Chancellor desperately needs to convince the rest of the world that the UK is still a competitive place to do business鈥攐r he risks putting the future of UK businesses in jeopardy.鈥�
鈥淭he Chancellor鈥檚 corporation tax reduction is the first step in the right direction for British businesses. With the strong likelihood that tariff bearings will go up, a reduction in corporation tax will reduce unnecessary friction that disproportionately affects SME owners.鈥�
When discussing how the UK budget might affect securities finance, Larkin said: 鈥淣ow is the time for lenders to be preparing to handle increased levels of borrower contact and the smarter lenders will be gearing up for proactive contact.鈥�
He added: 鈥淚n recent years there have been big advances in the ability to use technology and data to develop pre-impairment indicators that help identify signs of potential borrower strain before a payment has been missed. As the old adage goes鈥攖here is no such thing as bad weather, just unsuitable clothing.鈥�
Luke Davis, CEO and founder of IW Capital, commented: 鈥淚 am reassured by many of the measures announced in today's Budget鈥攊n particular, the feasibility study into defined contribution (DC) pension funds directed to high-growth small and medium-sized enterprises (SMEs) and new business investment measures.鈥�
Speaking of Brexit, he added: 鈥淭he UK's entrepreneurial economy is well equipped for a resilient post-Brexit future."
Mirroring this, Mark Brownridge, director general of the Enterprise Investment Scheme Association, stated: "This Budget could be entirely defunct in a matter of weeks depending on what happens in the Brexit negotiations. Therefore, this could potentially leave SME investors in dark, particularly in the short term.鈥�
Angus Dent, CEO of ArchOver, explained: 鈥淥nce Brexit negotiations are on the straight and narrow, the government needs to demonstrate that it believes in the future of British business. The best way to prove this would be to announce a mini-budget focused on advancing SMEs in a still-struggling economy.鈥�
He added: 鈥淭he Chancellor desperately needs to convince the rest of the world that the UK is still a competitive place to do business鈥攐r he risks putting the future of UK businesses in jeopardy.鈥�
鈥淭he Chancellor鈥檚 corporation tax reduction is the first step in the right direction for British businesses. With the strong likelihood that tariff bearings will go up, a reduction in corporation tax will reduce unnecessary friction that disproportionately affects SME owners.鈥�
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