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Peer2Peer Finance News | July 18, 2019

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Brexit “an unprecedented opportunity” for alternative finance

Brexit “an unprecedented opportunity” for alternative finance
  • On September 13, 2016

UNCERTAINTY over the post-Brexit economy represents an “unprecedented opportunity” for the alternative finance sector to support domestic growth, according to one peer-to-peer lender.

Chirag Shah, chief executive of Nucleus Commercial Finance, told Peer-to-Peer Finance News that the P2P sector has a role to play in strengthening and stabilising the economy after the EU referendum.

“P2P lenders can offer businesses a wealth of finance options that are designed to boost their growth, without costing them a fortune in the long-run,” he said.

“Approval turnaround time is fast, payment terms are attractive and products are built to have an immediate and positive impact.

“It’s a busy time for the sector: traditional institutions are tightening their belts yet the demand for financial assistance is increasing across all industries.”

His comments coincide with a new report that said 81 per cent of London-based businesses feel less optimistic about the economy over the next six months, compared with the previous six months.

The CBI/CBRE London Business Survey asked a number of chief executives for their view on the city’s prospects following the EU referendum. Three quarters of those surveyed said that uncertainty over the UK’s role in the EU was the most significant cause for concern, almost half said that they were worried about retaining the best people for the job and 44 per cent said they were concerned about a lack of appropriately skilled staff in the post-Brexit environment.

“[A] key piece of that puzzle is having the right skills in place,” said Lucy Haynes, CBI London director. “With close to half of firms concerned about their employees’ skills – particularly digital and engineering skills – business and the government must continue to work together to equip those entering work with the hard and soft skills needed to be successful.”

However, despite these wider workforce concerns, 41 per cent of firms said that they will maintain their investment plans, and 50 per cent said they will continue to hire new staff.