Commenting on the Budget, Stephen Haddrill, Director General of the FLA, said:

“As lockdown restrictions begin to ease, there is a real need to instil confidence among consumers and businesses to ensure that any recovery in the economy can be sustained.

“The short-term certainty offered by the extension of furlough into September to help employers and employees is welcome – as is the Chancellor’s support for an investment-led recovery.  We also note that the super deduction capital allowance scheme will include plant and machinery acquired on asset finance – an extremely useful measure as leasing and hire purchase are the products of choice for more than a third of the UK’s total investment in equipment, plant and machinery and purchased software.”

Notes to Editors

 The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK. Our members include banks, subsidiaries of banks and building societies, the finance arms of leading retailers and manufacturing companies, and a range of independent firms.

In 2020, FLA members provided £113 billion of new finance to UK businesses and households. £86 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2020. £27 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2020.

For media enquiries, please contact the FLA press office on 020 7420 9656.