The Finance & Leasing Association (FLA) has reported that asset finance new business (primarily leasing and hire purchase) in November 2017 was £2.5 billion, a similar level to the same month in 2016.

The commercial vehicle finance and IT equipment finance sectors reported new business up in November by 5% and 1% respectively, compared with the same month in 2016, while new finance for plant and machinery fell by 3% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market reported a broadly stable picture across the main asset sectors in November, and remains on course to report a record level of annual new business in 2017 of around £32 billion.

“This would represent new business growth of 6% compared with 2016, in line with expectations.”