Latest figures from the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 5% in April, compared with the same month last year.

The plant and machinery finance sector reported new business up in April by 9%, while new finance for business cars grew by 8% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Asset finance new business increased by 8% in the first four months of 2017, in line with our expectations of single-digit growth for the year overall.

“The plant and machinery finance sector returned another strong performance in April, with new finance for agricultural equipment and construction equipment up by 17% and 8% respectively.”