7 May 2020
The FLA has renewed its call to the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided just over £138 billion of new business in the twelve months to March 2020. Of this total, £44 billion was provided by non-bank lenders.
Stephen Haddrill, Director General at the FLA, said:
“The asset, consumer and motor finance markets have been hit hard by the measures taken to deal with the coronavirus crisis, with a 20% fall in new business in March alone. FLA members have also faced almost 1.2 million Covid-19 related requests for forbearance, of which 75% have already been granted. The industry is committed to supporting their customers during these exceptional times.
“Urgent action is needed – in days, not weeks – to deliver financial support to the non-bank lending sector to ensure that we maintain a financial services sector that is diverse, innovative and competitive.”
Mar 2020 |
% change on prev. year |
3 months to Mar 2020 |
% change on prev. year |
12 months to Mar 2020 |
% change on prev. year |
|
Total FLA new business (£m) |
11,345 |
-20 |
32,322
|
-6 |
138,102
|
0 |
By customer:
|
|
|
|
|
|
|
Business (asset) finance (£m) |
2,793 |
-28 |
7,562 |
-15 |
34,332 |
-1 |
Consumer finance (£m) |
8,552 |
-16 |
24,759 |
-4 |
103,770 |
0 |
Within the above: |
|
|
|
|
|
|
Motor finance (£m) |
4,582 |
-24 |
11,221 |
-12 |
46,448 |
-2 |
Note to editors:
In 2019, FLA members provided £140.3 billion of new finance to UK businesses and households. £104.7 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2019. £35.7 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 2019.
- For media enquiries, please contact the FLA press office on 020 7420 9656.