Asset finance is often the first area to shift after a Budget. Labour wants to spark investment in productive, greener equipment, while the Conservatives warn that pushing spending during high-cost conditions could expose SMEs to risk. Lenders are similarly split: some are widening appetite for machinery finance, others holding conservative loan-to-values. A construction firm recently secured competitive terms for a new excavator, helped by the Budget’s infrastructure focus, while a transport operator faced higher deposits due to cost pressures. As in 2017, caution dominates.

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