New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases.
2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared with 2018. Within the overall total, motor finance new business grew by 3%.
Commenting on the figures, Stephen Haddrill, Director General at the FLA, said: “FLA members play a vital role in supporting economic growth. The industry is front and centre of helping businesses drive up productivity and overcoming the challenges posed by climate change. Their funding has increased despite Brexit and overall slippage in investment as asset finance has replaced conventional borrowing through loans and overdrafts.
“Our 2020 Budget submission sets out our proposals for how FLA members can help achieve the Government’s ambitious plans for growth and a greener, cleaner world. We call on the Government to ensure those who will fund investment are at the table when developing and testing a credible delivery plan.”