FLA comments on decision to cut Bank Rate

Commenting on the occasion of the Bank of England’s announcement of a reduction in the Bank Rate, Stephen Sklaroff, Director General of the Finance & Leasing Association (FLA), said:

“In the twelve months to June 2016, FLA members provided almost a third of all UK investment in business equipment and a third of all new UK consumer credit, including the finance for 85% of new car purchases by individuals.

“They will continue to serve their individual and business customers as the economy responds to recent developments. We encourage the Government to continue to do all it can to help UK businesses thrive and expand.”

Note to editors:

1. The Bank of England’s Monetary Policy Committee announced the decision to cut the Bank Rate on 4 August.
2. The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.
3. In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £29 billion of finance was provided to businesses and the public sector. FLA members financed almost 32% of UK investment in machinery, equipment and purchased software in the UK in 2015.