The UK asset finance industry recorded its
first new business growth in June, after 22 months of uninterrupted
decline.
Finance & Leasing Association (FLA)
figures show that overall investments in asset finance increased by
26% in June 2010 compared to one year before, reaching £2bn
(€2.45bn).
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The increases range from a 13% growth in
commercial vehicle finance (£307m) to 38% more recorded in
aircraft, ships and rolling stock finance (£168m).
IT equipment finance and plant and machinery
finance, however, dropped 14% and 24% respectively.
Julian Rose, head of asset finance at the FLA,
said that although “any sign of growth is good news”, many UK
businesses were still living “in a Rusting Britain, with equipment
that doesn’t meet their needs for the recovery”.
He said: “We believe the Government could do
more to help businesses to invest by streamlining accounting and
taxation regulation and by extending its programme of small
business loans risk support to include asset finance.
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By GlobalData“This would build on the Government’s
recognition of the importance of asset finance in its ‘Financing a Private Sector
Recovery’ Green Paper.”
antonio.fabrizio@vrlfinancialnews.com
