New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 10% in May, compared with the same month in 2017.

New finance for plant and machinery grew in May by 4% compared with the same month in 2017, while the commercial vehicle finance sector reported new business up by 13% over the same period.

Total FLA asset finance was £2.9 billion.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market continued to improve in May after a relatively quiet first quarter. The industry provided further support to the construction, manufacturing and agricultural sectors, with new finance for equipment in these sectors up by 6%, 11% and 22% respectively, compared with May 2017.”