Equipment Finance News July marks 34th consecutive month of UK asset finance growth – although P&M finance disappoints Published: 8th September 2016 Share UK Finance & Leasing Association (FLA) members report that asset finance new business (primarily leasing and hire purchase) grew by 8% in July, compared with the same month last year. New business reported by the business equipment finance and car finance sectors grew in July by 7% and 4% respectively, while new plant and machinery finance fell by 13% over the same period. The figures marked the UK asset finance industry’s 34th consecutive month of new business growth. The recent falls in plant and machinery finance reflect the wider economic pressures faced by the manufacturing and construction sectors in the months running up to July. Encouragingly, some recent survey indicators have suggested that the weaker pound is helping to boost exports which should in turn support manufacturers’ confidence to invest. The FLA’s Q3 2016 asset finance confidence survey shows the industry expects overall new business to be broadly stable over the next 12 months. July 16 % change on prev yr 3 mths to July 16 % change on prev yr 12 mths to July 16 % change on prev yr Total FLA asset finance (£m) 2,684 +8 7,795 +6 30,215 +7 Total excluding high value (£m) 2,365 -3 7,391 +3 28,873 +6 Data Extracts: By asset: Plant and machinery finance (£m) 455 -13 1,439 -6 5,709 0 Commercial vehicle finance (£m) 532 -2 1,777 +10 7,202 +12 IT equipment finance (£m) 177 -6 586 +1 2,290 +13 Business equipment finance (£m) 206 +7 640 +26 2,233 +3 Car finance (£m) 821 +4 2,411 0 9,128 +4 Aircraft, ships and rolling stock finance (£m) 104 +414 150 +273 545 +22 By channel: Direct finance (£m) 1,277 +8 3,838 +8 14,705 +7 Broker-introduced finance (£m) 439 -3 1,386 +8 5,272 +8 Sales finance (£m) 650 -19 2,168 -7 8,895 +3 By product: Finance leasing (£m) 289 -4 906 +6 3,833 +5 Operating leasing (£m) 530 -4 1,705 +5 6,865 +8 Lease/Hire purchase (£m) 1,320 +1 4,019 +4 15,327 +5 Other finance (£m) 545 +71 1,165 +20 4,190 +15 Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsDLL launches newsletter to support financing conversations NewsAlpha Trains and VIAS Rail sign leasing deal for 14 FLIRT1 trains NewsSegen and BNP Paribas Leasing Solutions launch solar financing partnership Equipment Finance
