New business reported by the business equipment finance and car finance sectors grew in July by 7% and 4% respectively, while new plant and machinery finance fell by 13% over the same period.

The figures marked the UK asset finance industry’s 34th consecutive month of new business growth.

The recent falls in plant and machinery finance reflect the wider economic pressures faced by the manufacturing and construction sectors in the months running up to July.

Encouragingly, some recent survey indicators have suggested that the weaker pound is helping to boost exports which should in turn support manufacturers’ confidence to invest.

The FLA’s Q3 2016 asset finance confidence survey shows the industry expects overall new business to be broadly stable over the next 12 months.