🚀 Exciting Growth in the Asset Finance Market!🚀

The latest statistics from the Finance & Leasing Association (FLA) reveal a robust performance in July 2024, with total asset finance new business growing by an impressive 9% compared to July 2023. This growth is a testament to the resilience and adaptability of the sector, which continues to support businesses across the UK.

In July 2024, the commercial vehicle finance sector experienced a significant surge, with new business increasing by 11% compared to the same month last year. This growth highlights the ongoing demand for commercial vehicles, driven by the need for efficient logistics and transportation solutions in various industries.

The plant and machinery finance sector also saw remarkable growth, with a 14% increase in new business. This sector's performance underscores the importance of investing in advanced machinery and equipment to enhance productivity and competitiveness in the manufacturing and construction industries.

Both SMEs and larger businesses benefited from increased lending, with new lending rising by 10% and 6% respectively. This indicates a broad-based recovery and confidence among businesses of all sizes, reflecting their willingness to invest in growth and expansion.

In comparison, July 2023 also showed positive trends, but the growth rates were slightly lower, indicating a strengthening market in 2024. The overall new business in the first seven months of 2024 was 5% higher than the same period in 2023, showcasing a consistent upward trajectory.

In the broader economic context, the UK's GDP growth has been steady, with a 0.6% increase in Q2 2024 compared to Q1 2024. This economic stability has likely contributed to the confidence and investment in asset finance, further driving growth in this sector.

💼💡

#AssetFinance #EconomicGrowth #BusinessInvestment #FLAStatistics #Innovation

Reference: 2024-0100-043