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 £151 billion of new business in 2023, 1% higher than in 2022. Of this total:
- £38 billion was provided to businesses for investment in machinery, equipment, and vehicles, including £23 billion to SMEs.
- £113 billion was provided to households, including £39 billion for new and used car purchases.
- Motor finance to businesses and households was £52 billion.
- £63 billion was provided by non-bank lenders.
Stephen Haddrill, Director General at the FLA, said: “Our latest market data shows the extent and breadth of support for businesses and households provided by FLA members last year.
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Tonight (20 February 2024) almost 1,400 people will gather for the FLA’s Annual Dinner 2024 to recognise the significant contribution that the asset finance, consumer finance and motor finance industries represented by FLA members make to the UK economy.
“In an election year, the FLA has produced a manifesto which includes recommendations on regulation, access to finance and Net Zero that will ensure the industry remains in a strong position to continue to support the real economy.”
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