New figures released by the Finance & Leasing Association (FLA) show that FLA members provided £11.1 billion of new business in January 2020, 2% higher than in the same month in 2019.

Growth was driven by the consumer finance sector which reported new business up by 4% compared with January 2019.  It was a quieter month for the asset finance and motor finance markets, with falls in new business in January of 3% and 2% respectively, compared with the same month in 2019.

Stephen Haddrill, director general at the FLA, said: “It’s evident that FLA members are supporting individual customers and small businesses right across the economy, but they need the government and regulators to extend the new financial support schemes to the full range of lenders – banks and independents – to ensure that prompt funding can reach the widest possible numbers of customers at this critical time.”

Geraldine Kilkelly, head of research and chief economist at the FLA, added: “The market performance in January shows the wide range of support provided by FLA members to the real economy. Although the next few months will be extremely challenging for all industries as consumer demand and business activity shrink significantly, it is vital to maintain the availability of funding so that businesses can meet the upsurge in demand once the isolation period ends.”