Number of businesses using asset finance grows…

The number of businesses using asset finance has grown in the UK, according to the latest published figures.

As of October 2022, the Finance & Leasing Association (FLA) report shows total asset finance new business is up by 17% when compared to the same time period in 2021. During this ten-month time frame total asset reports show that new business is 5% higher than in the same period in 2021.

In October, the plant and machinery finance sector reported new business up 23% compared to the same month in last year. Meanwhile, over the same period, business equipment finance and commercial vehicle finance saw new business increase by 13% and 11%.

The figures come as the deadline for Super Deduction approaches, which was announced in Spring 2021 by the government to drive economic growth and recover from the pandemic.

As of October 2022, the Finance & Leasing Association (FLA) report shows total asset finance new business is up by 17% when compared to the same time period in 2021. During this ten-month time frame total asset reports show that new business is 5% higher than in the same period in 2021.

In October, the plant and machinery finance sector reported new business up 23% compared to the same month in last year. Meanwhile, over the same period, business equipment finance and commercial vehicle finance saw new business increase by 13% and 11%.

The figures come as the deadline for Super Deduction approaches, which was announced in Spring 2021 by the government to drive economic growth and recover from the pandemic.

Our Director of Construction, Gary Burns added: “Some really encouraging figures overall in the Asset Finance world and even more so in the Construction Sector with growth of 23% on 2021 October figures”.

“A sign that the supply issues are maybe easing slightly and hopefully the growth continues as we approach the deadline of the Super Deduction scheme and the HS2 investment continues.”

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