'Clarity needed' for future of SME lending after Brexit

“In the wake of the Leave result, and the resignation of David Cameron, the UK is facing a period of considerable uncertainty, and small and medium-sized businesses will not be immune.

“Nobody knows how the result of the EU Referendum will play out, and its ultimate impact on the economy, but choppy waters in the short-term are almost guaranteed.

“The political events of the past 24 hours have the potential to shape the UK business landscape for many years to come. It's just impossible to know whether it will be for better or for worse.

“What we shouldn't forget is that the economy is robust and employment levels high.”

He continued by adding that the referendum results, if ‘managed correctly’, did not need to trigger another financial crisis, and referenced the statement to this effect made by Bank of England Governor Mark Carney this morning.

He concluded:

"Lending to UK SMEs in 2016 to date has been strong. The challenge now, for us and other bodies like us, is to ensure SMEs continue to receive the funding and support they need in uncertain times."

Mike Cherry, National Chairman at the Federation of Small Businesses, said that the Federation ‘calls on the Government for clarity on what these decisions now mean for business’ and added:

“FSB will continue to be a constructive partner in any upcoming negotiations, ensuring the voice of smaller firms is heard loud and clear.”