Breadth of lending vital to a thriving economy

The Finance & Leasing Association (FLA) and the All Party Parliamentary Group (APPG) on Alternative Lending hosted a House of Commons reception to emphasise the breadth of lending available to UK consumers and businesses and its importance to the economy.

We assembled a range of FLA members to showcase how they drive productivity and growth by funding investment in IT equipment, vehicles and the latest high spec plant and machinery for businesses. We also had members there who offer the very latest innovations in green lending to support the Net Zero targets, as well as those who focus on the provision of critically important finance for individuals with impaired or thin credit files.

In pre-recorded remarks, John Glen MP, the City Minister, recognised the role that FLA lenders played during the Covid crisis, and indeed their ongoing role in supporting growth.

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

“Our broad membership is drawn from the spectrum of lending that powers the UK’s real economy – they fund businesses and individuals, provide mainstream and specialist finance, and they are all experts in their particular markets.

“FLA members have contributed much during the pandemic – not least the forbearance provided to customers in financial difficulties. Members’ resilience has also been evident in the way they have weathered the resulting economic shocks.

“Throughout the crisis, we worked closely with Ministers, and appreciate the support shown to our sector during that time. I look forward to continuing that relationship as we turn our focus to the reform of the CCA, which remains an obstacle to good consumer outcomes, and also in helping the Government achieve its Net Zero goals, which of course will require the availability of finance.” 

Julian Knight MP, chair of the APPG on Alternative Lending added: 

“The credit and leasing industry must be commended for the support they provided to customers during the height of the pandemic to enable consumers and businesses to keep their finances on track. The same firms are essential to funding the UK’s transition to a greener future.”

Note to editors:

1. The Parliamentary event was held on 29 March, and the FLA brochure to accompany it can be found here
2. 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.
3. In 2021, FLA members provided £132 billion of new finance to UK businesses and households. £101 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2021. £31 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 2021.
4. For media enquiries, please contact the FLA press office on 020 7420 9656.