Finance & Leasing Association30 March 2023
Commenting on the publication of the Government’s 2023 Green Finance Strategy, Stephen Haddrill, Director General of the FLA said:
“Considering that this document is an update to one published back in 2019, it’s disappointingly light on detail.
“While the Government has calculated that £50-60 billion of capital investment will be required each year between the late 2020s and 2030s, it really seems to be a case of knowing the facts but missing the point.
“There is no credible plan for how this funding will be generated, no recognition that a sharing of risk will be required to keep the price of funding competitive and within the reach of customers, and no acknowledgement of the need to ensure a smooth market transition where the reduction in the manufacture of new petrol and diesel powered vehicles ahead of 2030 is matched by an increase in the number of new EVs rolling out of the factory.”
Note to editors:
1. In 2022, members of the Finance & Leasing Association provided £148 billion of new finance to UK businesses, households and the public sector.
2. 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.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.
