17 November 2020
Commenting on the Governor of the Bank of England’s speech today, which noted the need for ‘the financial services industry to support the economy, businesses and the people of this country as we get back on our feet from the effects of Covid and transform the economy to support climate change’, Stephen Haddrill, Director General of the FLA, said:
“We welcome the Governor’s remarks. Through the provision of leasing and hire purchase, the asset finance industry funded almost 40% of UK investment in machinery and equipment last year.
“The industry is ready to continue to support businesses as they invest for the future, but we need to create a level playing field so that non-banks can continue to lend to those cutting-edge businesses that will drive change.”
Notes to editors
- 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.
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