Asset, motor and consumer finance industry supports more than 330,000 jobs

New research published today by the Finance & Leasing Association (FLA) shows that FLA members supported 331,300 UK jobs through the provision of asset finance, motor finance and consumer finance in 2014.

The research commissioned by FLA and carried out by Oxford Economics, measured our members’ contribution to the UK economy in 2014 and found that their activities:

• Contributed £11.0 billion to UK economic output, and employed almost 77,000 people.
• Supported 7% of consumer spending and 28% of business investment in ICT equipment, software, transport equipment and other machinery.
• Supported 57% of all consumer spending on cars.
• Were highly productive: overall, the level of productivity of FLA members, measured in terms of output per worker, was more than five times the UK national average, placing them in the top 5% of all UK industries.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:

“The research shows the importance of FLA members to the UK economy and the scale of the recovery since the 2008 recession. Consumer purchases financed by FLA members sustained more than 192,000 jobs last year. A further 62,400 jobs were generated through the business investment financed by FLA members.”

Notes to editors
1. Oxford Economics executive summary and slides
2. Oxford Economics is one of the world’s foremost independent global advisory firms, using industry models and analytical tools to provide reports and forecast trends.
3. In 2014, our members provided £100 billion of new finance. £74 billion of this was in the form of consumer credit to support purchases ranging from cars to household goods and £26 billion was provided to businesses and the public sector, representing 27.9% of UK investment in machinery, equipment and purchased software in the UK last year