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 £154.6 billion of new lending in 2024, 2% higher than in 2023. Of this total:
- £39.7 billion was provided to businesses for investment in machinery, equipment, and vehicles, including £23.5 billion to SMEs.
- £114.9 billion was provided to households, including £39.0 billion for new and used car purchases.
- £62.7 billion was provided by non-bank lenders.
Stephen Haddrill, Director General at the FLA, said: “Our latest market data shows the extent of support FLA members have provided to the real economy during a period of heightened uncertainty.
“Higher economic growth will not come without boosting private sector business investment in vehicles, machinery and equipment, a third of which was financed by FLA members in 2024. We urge the Government to fully fund the recently announced pilot for a green finance variant of the Growth Guarantee in the Spring Spending Review, and to extend the full expensing regime to include leasing. Following through on the reform of the Consumer Credit Act will also allow the financial services industry to continue to innovate and to better serve those that are unable to access credit.”
| Dec 2024 | % change on prev. year | 3 months to Dec 2024 | % change on prev. year | 12 months to Dec 2024 | % change on prev. year | |
| Total FLA new business (£m) | 12,795 | 10 | 38,459 | 3 | 154,605 | 2 |
| By customer: | ||||||
| Business (asset) finance (£m) | 3,438 | 7 | 10,011 | 2 | 39,732 | 3 |
| Consumer finance (£m) | 9,357 | 11 | 28,449 | 3 | 114,873 | 2 |
| Within the above: | ||||||
| Motor finance (£m) | 3,665 | 2 | 12,014 | -1 | 52,215 | 0 |
