Consumer car finance new business volumes fell by 3% in October 2023
Consumer car finance new business volumes fell by 3% in October 2023Dec 07, 2023
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Asset finance new business grew by 11% in October 2023New figures released today by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in October 2023 by 11% compared with the same month in 2022. In the ten months to October 2023, new business was 14% higher than in the same period in 2022.
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Consumer car finance new business volumes fell by 3% in September 2023New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell by 3% in September 2023 compared with the same month in 2022. The corresponding value of new business held steady over the same period. In the nine months to September 2023, new business volumes were 6% lower than in the same period in 2022.
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Asset finance new business grew by 6% in September 2023New figures released today by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in September 2023 by 6% compared with the same month in 2022. In the nine months to September 2023, new business was 14% higher than in the same period in 2022.
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Interest rate rises have slowed economic activity significantlyThe Bank of England’s Money Policy Committee (MPC) is widely expected to leave its base rate at 5.25% in the forthcoming review, with increasing signs that rate rises designed to address inflation are starting to bite. A series of key indicators have combined over recent weeks to indicate falling economic activity by consumers. According to the most recent metrics, house values, consumer credit borrowing, and consumer confidence have all declined.
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UK economy grew by 0.2% in August, official GDP figures showGross domestic product (GDP) increased by 0.2% in August, according to data from the Office for National Statistics (ONS) The services sector was the main contributor to the growth rising by 0.4% in August, but this was partially offset by falls in the construction and manufacturing sectors. The ONS also revised GDP in July, which was already a worse-than-expected fall of 0.5%, down further to 0.6%.
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Consumer car finance new business volumes fell by 11% in August 2023New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business fell 11% by both value and volume in August 2023 compared with the same month in 2022. In the first eight months of 2023, new business was 6% lower by both value and volume compared with the same period in 2022.
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Asset finance new business grew by 19% in August 2023New figures released today by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in August 2023 by 19% compared with the same month in 2022. In the first eight months of 2023, new business was 15% higher than in the same period in 2022.
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SMEs repay over £5 billion in first six months of 2023 to erode pandemic debt pileAnalysis of the Bank of England’s data on SME lending shows that through the first half of 2023 SMEs saw net lending decrease by £5.3 billion. Research by global financial technology firm Ebury highlights the urgency with which businesses are now making debt repayments in the aftermath of the various COVID-19 loan schemes and the rising cost of servicing that debt.
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UK economy shrinks by 0.5% in July, according to latest GDP figuresMonthly real gross domestic product (GDP) is estimated to have fallen by 0.5% in July 2023. The Office for National Statistics (ONS) said the decline - which was worse than many economists had expected - followed an unrevised 0.5% increase in GDP in June 2023.
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Consumer car finance new business volumes fell by 6% in July 2023New figures released today by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in July 2023 by 6% compared with the same month in 2022. The corresponding value of new business fell by 5% over the same period. In the seven months to July 2023, new business also decreased 5% by value and 6% by volume compared with the same period in 2022.
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Asset finance new business grew by 11% in October 2023
Consumer car finance new business volumes fell by 3% in September 2023
Interest rate rises have slowed economic activity significantly
UK economy grew by 0.2% in August, official GDP figures show
SMEs repay over £5 billion in first six months of 2023 to erode pandemic debt pile
UK economy shrinks by 0.5% in July, according to latest GDP figures
Consumer car finance new business volumes fell by 6% in July 2023
