Figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in May, compared with the same month in 2017.
Finance for plant and machinery grew in May by 4% compared with the same month in 2017, while the commercial vehicle finance sector reported new business up by 13% over the same period.
Geraldine Kilkelly, head of research and chief economist, said: “The asset finance market continued to improve in May after a relatively quiet first quarter. The industry provided further support to the construction, manufacturing and agricultural sectors, with new finance for equipment in these sectors up by 6%, 11% and 22% respectively, compared with May 2017.”
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