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The Finance & Leasing Association (FLA) announced that December 2023 saw a 1% decline in new asset finance business compared to December 2022. However, the year 2023 witnessed a significant growth, with a 12% increase in new business, reaching a record £38.3 billion.
This growth contrasts with the slight contraction in December, the first such monthly year-on-year decrease since April 2022. Notably, the vehicle finance sectors experienced increases in December, with new car finance up by 8% and commercial vehicle finance by 1%.
In contrast, the plant and machinery finance sector saw a 22% decline. Geraldine Kilkelly, the FLA's director of research and chief economist, highlighted the asset finance market's critical role in supporting investment across businesses of all sizes, particularly noting a 7% growth in lending to SMEs (£23.5 billion) and a 19% increase to larger businesses (£13.3 billion).
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