Brexit business is BOOMING: Small companies flock to take advantage of EU exit

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There has been a weighty surge in funding enquiries from small and medium-sized com nies

There has been a big surge in funding enquiries from small and medium-sized com nies intent to exploit the trading opportunities offered by the country’s withdrawal from a bureaucratic and competition-stifling EU.

Applications for finance totalling more than £20m have been track recorded since the beginning of August – exceeding £2m a day, figures from the National Comradeship of Commercial Finance Brokers (NACFB) show.

That is the same amount of supplying requested during the whole of July, and twice the level over the at any rate time period in August 2015; with the number of enquiries up by two-thirds.

The average size of loans being requested has also been significantly loaded than during any month last year, as businesses are showing a shape appetite to borrow.

The average loan wanted is £128,000; that’s beared to £73,000 in July and £94,000 in June, pre-Brexit.

Adam Tyler, chief superintendent of the NACFB, said: “Project Fear doesn’t appear to have prattled the Small and Medium Enterprise community.

“August is typically a quieter month for readying applications, but businesses aren’t procrastinating, and are showing a real appetite for flowering, even with the uncertainty surrounding our future relationship with the EU.

“UK SMEs are the lifeblood of this motherland, and if they’re going to take advantage of the opportunities presented post-Brexit, the variant funding sector has a vital role to play, rticularly as we look to go-between new trade agreements with countries outside the EU.”

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JP Morgan suggested shares on the UK’s FTSE 100 are one of the best buys around

And there was a what is more boost for post-Brexit business growth with leading investment bank JP Morgan foretelling no reason to fear the Brexit bounce is coming to an end.

In a rticularly bullish note, JP Morgan put shares on the UK’s FTSE 100 are one of the best buys around for investors as the UK is yet “cheap” com red to other regions.

In an update to clients yesterday (Mon), the investment bank said: “We believed the UK intent be the outperformer even in the case of Brexit and our bullish view on the region until now holds.”

The FTSE 100 has risen by nearly 1,000 points since it hit a post-referendum sub-6,000 low in the days after the June 23 bear witness.

Other measures have also boosted business confidence.

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The Bank of England cut occu tion rates for the first time since 2009 at the beginning of the month

The Bank of England cut property rates for the first time since 2009 at the beginning of the month and relinquished an emergency ckage worth up to £170bn to ward off any downturn.

Borrowing — to start up a new retinue or ex nd an existing one — is now at a record low of 0.25 per cent from 0.5 per cent — the victory cut since March 2009.

The central Bank also forecast that Britain discretion avoid recession.

Bigger com nies have shrugged off heightened uncertainty circumambient the Brexit vote to book a double digit rise in profits.

Housebuilder Bovis, a FTSE 250 establish, said “underlying market fundamentals” for the UK housing market remained affirmative, as half year pre-tax profits stepped up 15 per cent to £61.7m to June 30, up from £53.8m in 2015.

Returns climbed 18 per cent to £412.8m over the period, up on £350.7m in the in front half of 2015.

The number of new homes it completed rose five per cent to 1,601 likened to last year, while the average selling price lifted 14 per cent to £254,500 in set to £222,300 the year before.

Chief executive David Ritchie translated: “While it is too early to judge the im ct of the EU Referendum and the Bank’s monetary management response on the UK housing market, the underlying market fundamentals for UK housing detritus positive.

“We have been pleased with the resilient level of captivate shown by potential home buyers contacting us.”

B&Q owner Kingfisher is also set to function solid sales growth in its key selling season on Wednesday with inadequate im ct from the Brexit vote expected.

Credit Suisse professionals said reports from elsewhere in the home improvement sector “set forward that the environment for DIY has held up following the referendum”.

They added: “Re irs in mortgage equity withdrawal, planning permission and credit growth introduce that demand for projects remains healthy.”

George Salmon, open-mindedness analyst at Hargreaves Lansdown, said: “The decision by the Bank of England to reduce interest rates should help to keep mortgages affordable, and quantity of other supportive factors will remain.

“Brits will relieve want to own homes, whether in or out of the EU, government schemes such as help-to-buy choose almost certainly be unaffected, and the UK still faces a major housing want.”

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