Figures released by the Finance & Leasing Association (FLA) this week show that new business fell in May by 56% compared with the same period in 2019 and decreased by 27% in the five months to May 2020. Sectors such as the automotive sector have been hit severely by lockdown restrictions.
Despite the fall in new business It’s very encouraging to see the automotive sector getting back on its feet after showrooms opened back up on June 01st , ONS data shows 62,000 automotive staff have returned to work from furlough with just over 92% of automotive businesses now open for business. What’s even more heartening is that of the businesses that are open and trading 19% are reporting an increase in turnover. I am looking forward to viewing the FLA figures when they are produced later this month, June should hopefully show a significant change of direction compared to the last five months.