Skipton boss to keep a ‘ watching brief’ on referendum trends
THE HEAD of Skipton Building Society Group has vowed to keep “a watching brief ” on the EU referendum in the lead up to the historic poll.
Chief executive David Cutter told The Yorkshire Post: “It is likely to introduce an element of uncertainty. But in terms of our own business we are almost entirely UK based so I don’t think it will have much of an impact.
“But it is a big decision and markets never like uncertainty.”
Sterling sank to a seven- year low yesterday as companies and investors rushed to insure themselves against the chances of a British exit from the European Union that HSBC said could knock off a fifth of the value of the pound.
The aftermath of Prime Minister David Cameron’s announcement of a June 23 referendum on ‘ Brexit’ has driven the worst three days for the world’s fourth most traded currency since the depths of the financial crisis in 2008- 09.
Skipton Building Society’s latest annual results show it has continued its strong recovery from the crisis.
The mutually- owned lender said profits rose 2 per cent to £ 150m.
Gross mortgage lending increased by 23 per cent to £ 3.7bn.
Mr Cutter said he was pleased with strong, balanced growth in both mortgages and savings.
The group’s estate agency division Connells sold 50,526 homes last year with prices rising by an average of eight per cent on the previous year.
Connells expects prices to rise by a similar level this year.
Mr Cutter said it was “same story” in the housing market with not enough homes being built and strong buyer demand.
Skipton is chaired by Mike Ellis, a former finance director at HBOS.
DAVID CUTTER: ‘ It is a big decision and markets never like uncertainty.’