Director General's Blog


The DG's thoughts on leasing success and Budget 


06 March 2024

By Stephen Haddrill, Director General


From an FLA perspective the Budget is not just welcome, it’s a small miracle.  For over a decade we have been pressing the Government to allow leasing to play its part in capital allowances. When we started on this path, the Government was sceptical about leasing - full stop.  Today’s announcement is a mark of the success for how the FLA and its members have built trust in our industry. 

When the change is implemented, and we will push for that to happen soonest, businesses will have a new choice of means and of providers to fund their investment.  And investment is what the country needs above all.  It boosts productivity and it is productivity growth that keeps us internationally competitive and able to pay ourselves more. 

We are also delighted to see that the Government has also listened to us on the need to extend the Recovery Loan Scheme.  Not only is £200million being added to the British Business Bank’s funding for this but it has a new focus and a new name – the Growth Guarantee Scheme. 

For the FLA though, the question is whether policies we persuade the Government to adopt will be maintained after the election. Nothing would be more galling than for the success of a ten year campaign to turn to ashes post-election. We talk to all parties all the time and we have good reason to hope.  Labour spokespeople have supported us on leasing and tax, on the role of the British Business Bank and on the reform of the Consumer Credit Act. Whether the Chancellor has met his big test and brought the Conservative party together will be judged in due course. But it’s good to know that when it comes to our patch unity can be seen! 



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