The lines between corporate funding and retail finance are blurring.

Clear evidence is provided by the FN50, which last year revealed that private cars accounted for 17% of the total funded fleet, a noticeable rise from 13% in 2016.

Alphabet (GB) has taken note.

It became the latest major leasing company to react to this trend after former chief executive Nick Brownrigg moved to a group role in the Netherlands.