Asset finance new business (primarily leasing and hire purchase) grew by 7% in October, compared with the same month last year, according to latest data from the Finance & Leasing Association (FLA).

The plant and machinery finance and business equipment finance sectors reported new business up in October by 6% and 13% respectively, compared with the same month in 2016, while new finance for IT equipment was up by 22% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “Growth in the asset finance market was broad-based in October, with most of the main asset sectors reporting increases in new business.

“The industry is on course to report a record level of annual new business in 2017 of around £32 billion.”