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The Asset Finance Outlook Report for H1 2024 from Asset Finance Connect provides critical insights into the auto and asset finance market, emphasizing key trends shaping the UK industry over the next six months.
While high interest rates and inflation might be waning, other significant challenges remain. These include escalating global conflicts, political and geopolitical uncertainties, regulatory and government policy interventions, and the potential impacts of a new government and election campaign on the industry's current direction. Additionally, the regulation-led marketplace continues to influence the UK auto and asset finance sector.
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The European Asset Finance Outlook H1 2024 from Asset Finance Connect (AFC), in association with the AFC Leaders Summit Europe, provides valuable insights into the European asset finance market and key trends that are changing and shaping the industry over the next six months.
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The next generation of talented professionals will help to shape the future of the asset finance industry, bringing innovative ideas and creative flair to the table.
As an industry we must encourage, develop and retain this emerging talent.
Work is already being done though initiatives within the UK asset finance market, focusing on networking, innovation, and diversity and inclusion, to help attract, foster, and engage the career-driven young professionals who are the future of the industry.
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Two years of soaring inflation, the highest interest rates since 2009, soaring energy costs due to conflict in Ukraine and the Middle East, plus a general election on the horizon have reduced the appetite for SMEs to invest. The IMF has downgraded its 2024 forecast for UK growth to 0.6%, the lowest in the G7, and lenders are already facing higher credit risks and rising defaults.
Amid this gloomy outlook, however, the asset finance industry is optimistic (in public at least), according to Asset Finance Connect’s inaugural Asset Finance Outlook report for H2 2023, sponsored by FIS. Historically, when the lending market gets tough, asset finance thrives, supporting SMEs when other lenders withdraw.
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The annual ranking of Europe’s leading asset finance providers today reveals the leasing companies that delivered industry growth during a year in which the asset finance industry continued to face a period of economic uncertainty.
The Asset Finance Europe 50, sponsored by Alfa, is the unique European annual ranking survey of business equipment and fleet lessors that provides an objective overview of all parts of the European leasing market.
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The UK’s asset finance industry has demonstrated determination and resilience in a challenging and uncertain economic environment. To maintain a healthy asset finance market, industry players have tackled these economic obstacles head-on, identifying opportunities and focusing on a sustainable asset finance industry.
That’s the message from a unique study of the UK’s asset finance industry which reveals how the sector, even when facing economic adversity and challenging climate change initiatives, remains a valued and vital financing solution for UK SMEs.