FLA members provided £76 billion of new business in H1 2023

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 £76.3 billion of new business in the first half of 2023, 1% higher than in the same period in 2022.

Of this total:

£19.0 billion was provided to businesses for investment in machinery, equipment, and vehicles, including £12.5 billion to SMEs.
£57.3 billion was provided to households, including £20.4 billion for new and used car purchases.
£31.5 billion was provided by non-bank lenders.

Stephen Haddrill (pictured), Director General at the FLA, said: “FLA markets have proved resilient in the first half of 2023 despite tough economic conditions.

“It is especially good news that asset finance provided to businesses increased by 18% in June compared with the previous year and 15% in Q2 2023 compared to Q2 2022. This means that in June alone over £500 million more lending was provided by FLA Members for business investment. This shows the underlying resilience of businesses and the strength of the asset finance market.

“But our members could do even more through a deeper partnership with Government. For instance, we know SMEs face a challenge in transitioning to net zero. With a government-backed risk sharing approach, our members will facilitate the move towards using green assets and low to zero carbon vehicles.”

	June 2023	% change on prev yr	3 mths to June 2023	% change on prev yr	12 mths to June 2023	% change on prev yr
Total FLA new business (£m)	13,490	5	38,437	0	151,301	4
By customer:
Business (asset) finance (£m)	3,484	18	9,476	15	36,539	14
Consumer finance (£m)	10,006	1	28,690	-4	114,762	1
Within the above:
Motor finance (£m)	4,789	11	13,128	2	51,179	5