Figures released in April by the Finance and & Leasing Association (FLA) show new UK asset finance business in February 2014 up 12%compared to the same period in 2013.
FLA asset finance totalled £1,636m in February, with total leasing and hire purchase, excluding high value, making up £1,591m of the total, a 9% increase on February 2013 values.
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According to the association, growth in February 2014 was "broad-based" and "evident across a number of key asset sectors".
In particular, plant and machinery finance grew 36% to a value of £417m, overtaking commercial vehicle finance, which totalled £395m in new business and registered growth of 22%.
Despite falling 4% from February 2013 figures, car finance levels remained among the highest at £411m, followed by business equipment (£147m, up 14%).
Both IT equipment and aircraft, ships, and rolling stock finance registered a decline, of 4% down to £94m and 34% down to £26m, respectively.
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By GlobalDataGeraldine Kilkelly, head of research and chief economist at the FLA, said: "These figures are a very encouraging indicator of a more balanced economic recovery and illustrate the important role that the asset finance industry is playing in ensuring the recovery is sustainable."
