Asset finance new business (primarily leasing and hire purchase) increased by 9% in February, compared with the same month last year, according to latest figures from the Finance & Leasing Association (FLA).

Commercial vehicle finance increased in February by 17% compared with the same month in 2015. Business equipment finance and plant and machinery finance each grew by 12% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market saw stronger new business growth in February following a relatively quiet start to 2016. The improvement was broad-based with most of the main asset sectors reporting higher levels of new business.

“These figures suggest that business confidence remains relatively robust despite uncertainty about the global economic outlook and the EU membership referendum.”