22 November 2023
Commenting on the Autumn Statement, Stephen Haddrill, Director General of the FLA said:
“We have pressed the Government at length about the need for full expensing to be made permanent, and welcome its agreement to do so. Today’s announcement will allow firms to think longer term about their investment needs.
“We also made the case for leasing to be included in the regime. The Government has agreed to publish a technical consultation to seek further input from stakeholders. This is a positive move. Full expensing without leasing does not give firms access to the full range of finance options at the point when they need to be choosing the most effective and efficient option for their circumstances and investment objectives.”
Note to editors:
- In 2022, members of the Finance & Leasing Association provided £148 billion of new finance to UK businesses, households and the public sector.
- Of this total, £55 billion was provided by non-bank lenders. £34 billion was provided in the form of asset finance to businesses - £22 billion of which went to SMEs to fund new equipment, plant and machinery, or purchased software. £115 billion was provided in the form of consumer credit, which includes £50 billion of motor finance supporting the purchase of 84% of all private new car registrations.
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