As the economy starts to pick up, more and more companies throughout West Yorkshire are increasingly investing in capital equipment with the help of flexible leasing solutions.
Yorkshire and The Humber has been one of the regions of the regions affected by the recession with one of the highest increases in unemployment rates between Q4 2007 and Q4 2012, increasing by 3.5 percentage points from 5.4% to 8.9% according to the Office for National Statistics (ONS). Yorkshire and The Humber was responsible for 6.9% of the UK’s GVA in recent years, amounting to £90.9 billion. Nearly half (46%) of the region’s GVA was generated in West Yorkshire (£41.6 billion).
Manufacturing continues to account for almost 5% more of the regions output versus the average for the UK. Bucking the trend is the vibrant economy seen in around Leeds with Leeds a low proportion of businesses in sectors considered to be vulnerable, such as engineering, construction, metals and chemicals.
One of the centrepieces of the Chancellors budget in March 2014, the increase and extension of the Annual Investment Allowance (AIA), is providing a welcome boost by delivering real tax savings for businesses. With the AIA doubled from £250,000 to £500,000 until the end of 2015, businesses in West Yorks, Leeds, Bradford and other main towns are set to increase or bring forward their capital investments in plant and machinery to drive growth and counter the effects of the recession.
This is where leasing has an important role to play, by providing businesses with the opportunity to pay for these assets as they use them and keep vital lines of credit free. In terms of technology, IT equipment can become out of date in just three to four years. With a lease agreement, equipment can be added or upgraded without having to repurchase, so a business can always have the most cutting-edge hardware and software.
Many businesses in West Yorkshire and the surrounding areas find leasing advantageous from a budgeting standpoint as switching from outright purchase to a lease agreement changes how the equipment is accounted for. Leasing enables the equipment needed to be paid for over a fixed period of time, which helps spread the cost.
A wide range of equipment, from IT hardware and software to packaging machines and medical technology, can be leased. Other leasing options include general office equipment such as furniture and photocopiers. In fact, almost any type of tangible equipment can be considered for leasing.
Leading asset finance and leasing company, WestWon has been helping businesses of all sizes and sectors in towns in the county of West Yorkshire, including Leeds, Bradford, Huddersfield, Wakefield, Kirklees and Weatherby to re-invigorate their businesses by arranging flexible lease finance agreements to meet their needs. With an extensive network of over 500 local leasing finance partners and suppliers throughout West Yorks, including over 125 leasing suppliers in Leeds alone and 50 in Huddersfield and 50 in Bradford, WestWon has recently completed over 50 leasing deals in the area. As a local leasing company, WestWon is able to provide each business with a tailored service and a dedicated account manager who possesses valuable regional knowledge. We also offer specialist leasing and parental donation systems for tablets in the classroom appropriate for digital learning schemes being considered by almost 1,000 schools in the county of West Midlands,
For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.