Latest figures from the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 5% in September, compared with the same month in 2018.

In Q3 2019 as a whole, new business was also 5% higher than in the same quarter in 2018.

New finance for plant and machinery and business cars grew in September by 15% and 4% respectively, compared with the same month in the previous year.

Over the same period, new finance for commercial vehicles held steady.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “In September, the asset finance industry reported its strongest growth in new finance for plant and machinery since January 2019 as businesses stockpiled ahead of another Brexit deadline.

“The industry has seen total new business grow in all but one month so far in 2019, with the latest annual new business total reaching a record level of £34.5 billion.”