The Finance & Leasing Association (FLA) have released figures showing July 2014 leasing and hire purchase business was up by 23% based on July 2013 figures, confirming July was the strongest performance for the year so far.
New Car finance, plant and machinery showed the highest increases at 35% and 30% respectively, compared to the same period last year.
Geraldine Kilkelly, the FLA’s Head of Research and Chief Economist, speaking about the figures said; “July figures show clearly the active role asset finance is playing in helping UK businesses invest. All asset finance channels showed strong growth in July, including the broker finance market which reported a record level of new business.
“The industry is also optimistic about further growth in the coming months. Our latest asset finance confidence survey shows that FLA members expect growth of about 10% in new business over the next twelve months.”
Great News for the British economy and further evidence that asset finance is a fundamental part of funding of British business.
|July 2014||% change on July 2013||3 months to July 2014||% change on previous year||12 months to July 2014||% change on previous year|
|Total FLA asset finance (£m)||2,337||+23||6,481||+12||23,922||+10|
|Total excluding high value (£m)||2,235||+18||6,319||+12||23,218||+10|
|Plant and machinery finance (£m)||524||+30||1,446||+18||5,013||+16|
|Commercial vehicle finance (£m)||468||+18||1,434||+14||5,713||+19|
|IT equipment finance (£m)||117||+20||408||-10||1,478||+1|
|Business equipment finance (£m)||187||+21||585||+7||2,031||+5|
|Car finance (£m)||774||+24||1,986||+11||7,056||+5|
|Aircraft, ships and rolling stock finance (£m)||20||-18||63||+16||264||-40|