10 May 2013
New figures released today from the Finance & Leasing Association (FLA) show a 1% increase in new business provided through leasing and hire purchase contracts over the last year, but a fall of 5% during the first quarter of 2013.
Commenting, Julian Rose, Head of Asset Finance at the FLA, said: “These figures demonstrate the importance of the recent extension of the Bank of England’s Funding for Lending Scheme.
“Leasing already helps approximately 750,000 UK small firms and accounts for 28% of UK fixed capital investment.. The extensions to the Funding for Lending Scheme have the potential to boost the use of this option for many more businesses who want to grow..
“We will be keeping a close watch on how the revised scheme works in practice.”
|Mar 2013||% change on Mar 2012||3 months to Mar 2013||% change on prev. year||12 months to Mar 2013||% change on prev. year|
|Total FLA asset finance (£m)||1,975||-8||4,942||-7||21,088||-1|
|Total excluding high value (£m)||1,886||-10||4,853||-5||20,430||+1|
|Plant and machinery finance (£m)||414||-9||1,020||-7||4,196||+4|
|Commercial vehicle finance (£m)||484||-2||1,119||-10||4,506||-2|
|IT equipment finance (£m)||117||-12||282||0||1,354||+13|
|Business equipment finance (£m)||150||-24||399||-23||1,743||-12|
|Car finance (£m)||601||-10||1,571||+5||6,697||+6|
|Aircraft, ships and rolling stock finance (£m)||16||+21||71||-25||471||-12|
Note to editors:
- In 2012 FLA members provided £76.4 billion of new finance to UK businesses and households. £21.4 billion of finance was provided to businesses and the public sector, representing around 28% of all fixed capital investment (excluding real property and own-account software) in the UK last year.