The Finance & Leasing Association (FLA) has revealed that asset finance new business (primarily leasing and hire purchase) grew by 3% in August, compared with the same month last year.

The plant and machinery finance sector reported new business up in August by 4% compared with the same month in 2016, while new finance for business equipment was up by 8% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance industry has reported solid new business growth so far in 2017. Growth in asset finance provided to manufacturers has been particularly robust, with new business for production and processing plant up by more than 40% in the first eight months of 2017.”