Asset finance new business up by 13% in January
Figures released today by the Finance & Leasing Association (FLA) show growth in asset finance new business (primarily leasing and hire purchase) of 13% in January 2015, compared with the same month in 2014. New business was up by the same rate in the twelve months to January 2015.
Plant and machinery finance grew by 12% in January compared with the same month a year earlier, while IT equipment finance and business equipment finance grew by 49% and by 10% respectively over the same period.
Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist, said:
“The asset finance market has made a good start to 2015, with growth continuing across key asset sectors. The percentage of UK investment in machinery, equipment and purchased software financed by FLA members increased from 26.2% in 2013 to 27.2% in 2014, reaching its highest level since 2011.”
In 2014, FLA members provided £99.5 billion of new finance to UK businesses and households.