FLA members report a record level of new business in 2019

New figures released today by the Finance & Leasing Association (FLA) show that FLA members provided a record £140 billion of new business which helped businesses invest in new equipment and households manage purchases.

2019 saw growth across FLA markets with asset finance and consumer finance new business up by 6% and 1% respectively, compared with 2018.  Within the overall total, motor finance new business grew by 3%. 

Commenting on the figures, Stephen Haddrill, Director General at the FLA, said:

“FLA members play a vital role in supporting economic growth. The industry is front and centre of helping businesses drive up productivity and overcoming the challenges posed by climate change. Their funding has increased despite Brexit and overall slippage in investment as asset finance has replaced conventional borrowing through loans and overdrafts.

“Our 2020 Budget submission sets out our proposals for how FLA members can help achieve the Government’s ambitious plans for growth and a greener, cleaner world. We call on the Government to ensure those who will fund investment are at the table when developing and testing a credible delivery plan.”

Note to editors:

1. In 2019, FLA members provided £140.3 billion of new finance to UK businesses and households. £104.7 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2019. £35.7 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 2019.
2. FLA’s 2020 Budget submission may be found here.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.