Positive economic data welcomed by financial services broker
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A leading independent financial services broker which helps SMEs source funding has welcomed a recent raft of positive economic data.
Midlands Asset Finance says that a number of reports show that the regional economy is holding up well in spite of ongoing uncertainties surrounding Brexit.
Figures released by the Office for National Statistics (ONS) this morning showed that inflation remained the same in August, at 0.6%, despite expectations that the weaker pound would result in a third consecutive monthly rise.
And the latest Lloyds Bank Regional Purchasing Managers’ Index (PMI) for the East Midlands showed that local firms experienced a boost in sales and international demand in August, creating a solid expansion of business activity across the region.
The PMI registered 54.2 in August, up from 50.9 in July. A reading of more than 50 signifies growth, and the latest East Midlands figure was higher than the UK average.
Today’s figures followed data released last week by the Finance & Leasing Association (FLA) which showed that asset finance new business (primarily leasing and hire purchase) grew by eight per cent in July, compared with the same month last year.
Total asset finance in the UK in the 12 months to July 2016 grew by seven per cent, to £30.2bn.
Midlands Asset Finance, which is based off Junction 28 of the M1, specialises in arranging funding for all types of asset finance and property transactions. It operates in all industry sectors, with particular expertise in the construction, waste management and recycling, manufacturing, engineering, haulage and IT sectors.
Director Dave Chapman said: “The East Midlands is a key driver of growth and job creation in the UK and we are starting to see a more upbeat picture of the region’s economy emerge.
“As businesses continue to grow, they will need to invest in new machinery or equipment. Asset finance allows companies to fund major capital costs to purchase new assets, or replace depreciating assets that are critical to business growth.
“Choosing the right form of asset finance is an incredibly important decision for any business to take, so getting in touch with a professional adviser who will be able to talk them through each step is crucial.”
In addition to offering a full range of asset finance options, Midlands Asset Finance also help with refinance and cash-raising deals for clients who need support in releasing cash or reducing monthly commitments.
It can also arrange invoice discounting and commercial property investment and development transactions.
Businesses currently looking for finance options can find out more at www.midlandsassetfinance.co.uk