UK FLA figures show growth in asset finance new business (primarily leasing and hire purchase) of 12% in 2015, while a third of all UK assets were funded by leasing firms, says the FLA.

The value of new business in December 2015 was up by 18% compared with the same month in 2014.

New finance for commercial vehicles grew by 42% in December, and by 14% in 2015 as a whole. Further strong growth was also reported by the IT equipment finance sector as new business grew by 23% in December and by 38% in 2015 overall.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: "2015 was another strong year for the asset finance industry, with new business reaching its highest level since the onset of the financial crisis. Our latest industry confidence survey suggests growth in new business of up to 10% in 2016.

"The asset finance industry funded almost 32% of UK investment in machinery, equipment and purchased software in 2015."

FLA figures

  Dec 2015 % change on 2015 3 months to 2015 % change on prev year 12 months to Dec 2015 % change
Total FLA finance 3,011 +18 7,772 +11 29,114 +12
Total exc.high value 2,814 +19 7,399 +10 28,104 +11