Latest figures from the Finance & Leasing Association (FLA) show new business in the asset finance market up by 6% in June compared with the same month in 2013, and up by 10% in the first half of this year.

The continuing broad-based recovery is evidenced by solid performances in plant and machinery and commercial vehicle finance, with growth of 19% and 18% in the first half of 2014.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The first six months of 2014 have seen sustained growth in asset finance which has helped support the recovery in key sectors of the economy.

“So far this year, more than 60% of asset finance new business went to support business investment by SMEs.”