New figures released today by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided a record £151 billion of new business in 2023, 1% higher than in 2022.
Of this total:
- £38 billion was provided to businesses for investment in machinery, equipment, and vehicles, including £23 billion to SMEs.
- £113 billion was provided to households, including £39 billion for new and used car purchases.
- Motor finance to businesses and households was £52 billion.
- £63 billion was provided by non-bank lenders.
Stephen Haddrill, Director General at the FLA, said: “Our latest market data shows the extent and breadth of support for businesses and households provided by FLA members last year.
“In an election year, the FLA has produced a manifesto which includes recommendations on regulation, access to finance and Net Zero that will ensure the industry remains in a strong position to continue to support the real economy.”
| Dec 2023 |
% change on prev yr |
3 mths to Dec 2023 |
% change on prev yr |
12 mths to Dec 2023 |
% change on prev yr |
|
|---|---|---|---|---|---|---|
|
Total FLA new business (£m) |
11,502 | -1 | 37,044 | 2 | 150,927 | 1 |
| By customer: | ||||||
|
Business (asset) finance (£m) |
3,218 | -1 | 9,770 | 7 | 38,283 | 12 |
|
Consumer finance (£m) |
8,285 | -2 | 27,274 | 0 | 112,644 | -2 |
| Within the above: | ||||||
|
Motor finance (£m) |
3,450 | -3 | 11,961 | 2 | 52,018 | 3 |
