Asset finance continues to grow across most sectors in 2017

New figures released by the Finance & Leasing Association (FLA) show that asset finance grew in 2017, marking a seventh consecutive year of growth.

Asset finance new business (primarily leasing and hire purchase) grew by 5% last year, and new business in December 2017 increased by 4% year-on-year.

The plant and machinery and commercial vehicle finance sectors saw growth of 12% and 1% respectively, compared to 2016.

New finance for business equipment was up by 7% compared to 2016, too.

Geraldine Kelly, head of research and chief economist at the FLA, said: “The asset finance industry reported a record level of new business of almost £32 billion in 2017, despite challenging economic conditions and subdued business investment growth.

“The latest figures also reveal that asset finance is a vital source of funding for SMEs when investing in business equipment and machinery. Of the total asset finance new business in 2017, £18.6 billion went to SMEs – 12% higher than in 2016.”

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