Chief executive of the UK Finance & Leasing Association (FLA) Stephen Sklaroff has welcomed the “positive language about asset finance” used in a government green paper published yesterday (26 July).
Financing a Private Sector Recovery kick starts a consultation about how best to fund a private sector-led recovery in the UK.
Sklaroff said: “It is a long time since we have heard this sort of positive language about asset finance in an official government document, and this has to be a good thing. We have been discussing issues with officials and communicating with ministers, and it is very positive to see it reflected in this green paper.”
The FLA will be pushing for changes to accounting and tax regulations which it believes constrain asset finance activity in the UK.
“There is a big difference between consultation and action,” Sklaroff said.
The green paper anticipates asset finance will be “important during the recovery”, while invoice discounting “could play a crucial role in securing access to working capital finance during the recovery for many businesses.”
The green paper was issued jointly by Vince Cable, secretary of state for business, innovation and skills and George Osborne, chancellor of the exchequer.
