Vehicle finance drives up rise in new lending
Vehicle finance drove a five per cent rise in new lending in the first half of the year, according to the latest data from the Finance & Leasing Association.
It has reported that its members provided £84.3bn of new lending in the first six months of the year.
More than a quarter of all lending (£22.7bn) was to support households finance new and used car purchases.
Meanwhile, £21bn was provided to businesses to invest in machinery, equipment and vehicles, including £13bn to SMEs.
Shanika Amarasekara MBE, FLA CEO, said: “Behind every one of those £84bn of lending decisions is a business investing for the future or a household making an important purchase. Whether it is an SME buying new equipment, a family replacing a vehicle or a company investing in technology, access to finance helps turn confidence into economic activity.
“The UK’s long-term growth depends on businesses continuing to invest and consumers having access to competitive, responsible finance. Our members provide the financial infrastructure that enables that investment every day, supporting productivity, innovation and opportunity in every nation and region of the UK.
“As policymakers focus on driving sustainable economic growth, maintaining a diverse, competitive and innovative finance market will be essential to ensuring businesses and households continue to have access to the funding they need to thrive.”
