The UK asset finance industry developed 9% more business in January 2014, with key asset sectors such as machinery finance reporting double digit growth year-on-year, according to figures from the Finance & Leasing Association (FLA).

The first month of the year saw £1.69bn (€2.04bn) in new finance provision including the high value end of the market and £1.67bn excluding big ticket items.

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Commercial vehicle finance saw the strongest growth compared to the previous year with a 25% rise in finance to £420m in January. Business equipment grew 21% to £159m, plant and machinery grew 13% to £343m and IT equipment 3% to £68m.

The rise in commercial asset finance reflected a growing confidence in the sector according to Geraldine Kilkelly, head of research and chief economist at the FLA.

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