UK finance companies have seen year-on-year new business fall by
an average of 30 percent in February, according to the latest data
from the Finance & Leasing Association (FLA).

Contracts signed through hire purchase agreements were worst
hit, with lessors seeing new business volumes fall to £489 million
(€541 million), down by 43 percent year-on-year from the £864
million written in February 2008.

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Operating leasing and finance leasing also saw a considerable
year-on-year slide, down by 26 percent and 20 percent respectively,
to £399 million and £313 million.

Data also showed that in the twelve month period leading to
February, lessors wrote a total of £8.7 billion worth of new hire
purchase business, down by 18 percent year-on-year; while new
operating leases were flat over the year, at £6.4 billion, and
finance leases down just 7 percent, to £5.6 billion.

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