Consumer finance sales up 7% year on year
Posted on in Business News , Cycles News , Outdoor News
Figures released by the Finance & Leasing Association (FLA) this month show that consumer finance new business grew by 7% in the twelve months to February 2015.
The demand for buying on finance continues to grow, according to the FLA report which highlights that total consumer finance (including mortgages, credit cards and personal finance) grew by 7%.
Retail store and online credit alone grew by 6% - accounting for £6,391m of sales in the UK.
In 2014, new finance sales reached almost £100 billion. £74 billion was in the form of consumer credit.
These figures suggest that finance lenders occupy a unique position in the UK's economic landscape. By allowing consumers to make the purchases they want, they are at the heart of economic recovery and expansion
As the general election approaches, the FLA have released a manifesto proposing measures which any new Government should look to adopt in order to boost UK growth, productivity and jobs by making it easier for credit lenders to continue providing their services.
These simple measures will help UK businesses grow, promote competition and choice for consumers and businesses, ensure personal data is handled responsibly, maintain and improve essential public services, and keep pace with the rapidly-evolving digital world.
Commenting, Fiona Hoyle, Head of Consumer Finance at the FLA "It's imperative that the new Government creates the right conditions [for finance lenders] to continue to serve their customers well and support economic growth. Above all, that will mean a period of stability after the implementation last year of a new system of credit regulation."
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What next?
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