New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in January, compared with the same month last year.
The plant and machinery finance and IT equipment finance sectors reported new business growth in January of 26% and 45% respectively, compared with the same month in 2018. Over the same period, commercial vehicle finance increased by 21%.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said: “The asset finance market made a great start to 2019, with strong growth across most of the major asset sectors.
“The industry is providing vital support to businesses of all sizes during a period of continued economic uncertainty. The percentage of UK investment in machinery, equipment and purchased software financed by FLA members in 2018 reached 34.5%, a decade-high.”