Bira Bank - Brexit Statement
All businesses are awaiting the outcome of the UK’s Brexit negotiations and amongst many challenges this is creating uncertainty in terms of the economic outlook. Retailers tell us that what they need most is certainty and that is in short supply at the moment. The news changes from week to week but despite the uncertainty, Bira Bank remain committed to providing savings and lending support to British Independent Retailer Association members, business owners and their staff. We will always act in ways that help the UK’s Independent Retailers, Members of our Partner Associations and put customers first and foremost.
Bira Bank was founded over 60 years ago, operates solely in the UK and is well-funded, robust and resilient. The majority of our customers are connected in some way to the Retail Sector and we understand the challenges that the sector faces. Our focus on the retail sector and the UK market will not change as a result of Brexit.
At this stage it’s not possible to predict what might happen in respect of interest rates following Brexit. Any rate changes will be actively communicated to our savers and borrowers, as is usual practice.
As always, any customers concerned about going into arrears on their loan, or who may be late on repayments, should contact us as soon as possible so that we can work together on a solution. You will always be able to speak directly to a decision maker whatever problems you face.
Retailers looking for guidance and support may wish to read UK Finance’s no-deal Brexit survival guide. It recommends SMEs assess their financial requirements together with their bank, as well as considering the impact of potential changes to trade arrangements.
You may also consider signing up to the UK Governments weekly Brexit update which week by week provides an insight into preparing for Brexit. https://www.gov.uk/business-uk-leaving-eu
Bira Bank August 2019