Figures released today by the Finance & Leasing Association (FLA) show growth of 6% in asset finance new business during May 2014, compared with the same month last year.

In the same period, finance provided for commercial vehicles grew by 21%. Plant and machinery and business equipment was up by 8% and 4% respectively.

Commenting on the figures, Geraldine Kilkelly, Head of Research and Chief Economist, said:

 “The asset finance market is continuing to grow across key sectors, reflecting the broader economic recovery and showing just how important this source of finance is in helping UK businesses invest for the future.”