Asset finance new business (primarily leasing and hire purchase) grew by 10% in November 2015, compared with the same month in the previous year, the Finance & Leasing Association (FLA) has reported.

New finance provided for commercial vehicles and IT equipment grew by 20% and 15% respectively in November, while plant and machinery finance was up 8% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “In November, the asset finance industry reported its strongest rate of new business growth since June.

“In 2015 as a whole, we expect the market to record its second consecutive year of double-digit new business growth and reach its highest level of annual new business since 2008.”