Latest figures from the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 2% in June, compared with the same month last year, and by 6% in the first half of 2016 overall.

Commercial vehicle finance and business equipment finance new business grew in June by 11% and 46% respectively, but plant and machinery finance new business fell by 3% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The asset finance market returned a strong performance in the first half of 2016 particularly given the slowdown in business investment.

“Our latest figures show that the annual new business total surpassed £30 billion for the first time since 2009.”