Bridging Introducer – Round Table Meeting
At a recent Bridging Introducer meeting leading figures in the short term lending, Mortgage, Bridging & Finance industry debated changes that have or will affect the market and some wider implications to lending in the UK in general.
Ryan Fowler Managing Editor or both Bridging Introducer & Mortgage Introducer posed some thought provoking and challenging questions to the panel, which generated some lively and on times, heated debate. One such topic was the success of the Labour Party in the recent general election, which at the outset was set to be a comparative landslide for Teresa May and the Conservatives, which resulted in a hung parliament.
Why did Labour do so well?…
The majority of the panel agreed Labour and Jeromy Corbyn appealed to young voters and those who had been more affected by the Conservatives austerity packages, promising an easing of the fiscal policy, eradication of the current limit on public spending and greater borrowing to stimulate the economy. The panel agreed almost in total unity, these policies, if implemented would have a devastating impact on business, especially the smaller enterprises as rises in taxation to fund the spending would apparently have to be borne by enterprise.
Mel Fordham, who write a regular feature in Bridging Introducer advised “to be fair, the guy who transformed Jeremy Corbyn from this ultra-extreme left wing Trotskyist who would bankrupt the county to almost a statesman figure has done an amazing job”
What now for Bridging & Mortgages
Once again the panel was in the main agreed the recent increase in Stamp Duty (Stamp Duty Land Tax) aimed at raising revenue from institutional and non-UK domiciled buyers in super-prime areas of London is having a significant “dampening” affect on transactions generally and borrowing specifically. The consensus of opinion was that the government should reconsider the increase in view of the wider impact the increase is having and quickly before reversing the slow down becomes more of an issue.
Full transcript from the Bridging Introducer Round Table meeting
The meeting ended in a harmonious and friendly manner, as always, and the attending members stopped for a photograph before departing. Full transcript was published in the July edition of Bridging Introducer