Finance & Leasing Association6 March 2014
Figures released today by the Finance & Leasing Association show that new business grew by 9% to almost £1.7 billion in January 2014, compared with the same month last year. Key asset sectors reported double digit growth with commercial vehicle finance, business equipment finance and plant and machinery finance up by 25%, 21% and 13% respectively.
IT equipment finance reported modest new business growth of 3% compared with the same month in 2013.
Commenting Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said: “The positive start to 2014 follows exceptionally strong growth of more than a third in December 2013 and reflects growing confidence in the sector. “The FLA’s Asset Finance Confidence Survey for Q1 2014 showed respondents expect asset finance new business to grow by up to 10% over the next twelve months.”
| Jan 2014 |
% change on Jan 2013 |
3 months to Jan 2014 |
% change on prev. year |
12 months to Jan 2014 |
% change on prev. year |
|
| Total FLA asset finance (£m) | 1,694 |
+9 |
5,705 |
+14 |
22,535 |
+4 |
| Total leasing and hire purchase excluding high value (£m) | 1,672 |
+7 |
5,603 |
+13 |
21,843 |
+4 |
| Data Extracts: | ||||||
| Plant and machinery finance (£m) | 343 |
+13 |
1,069 |
+9 |
4,513 |
+5 |
| Commercial vehicle finance (£m) | 420 |
+25 |
1,504 |
+38 |
5,285 |
+11 |
| IT equipment finance (£m) | 68 |
+3 |
412 |
+13 |
1,544 |
+14 |
| Business equipment finance (£m) | 159 |
+21 |
493 |
+12 |
1,961 |
+3 |
| Car finance (£m) | 505 |
-8 |
1,599 |
+1 |
6,707 |
-1 |
| Aircraft, ships and rolling stock finance (£m) | 6 |
-62 |
115 |
+42 |
297 |
-40 |
Note to editors:
- In 2013, FLA members provided £88.3 billion of new finance to UK businesses and households. £22.4 billion of finance was provided to businesses and the public sector, representing almost 30% of all fixed capital investment (excluding real property and own-account software) in the UK last year.
