An injection of more than £1 billion into the UK economy through point-of-sale retail credit is being led by a Bradford-born finance expert.

Hitachi Capital Consumer Finance has launched the funding package to lend to consumers and boost high street spending, which accounts for 65 per cent of gross domestic product.

The company says the move will boost high street spending and help the economy out of recession.

It said point-of-sale finance had become increasingly important as other consumer credit channels dried up and Hitachi Capital had provided more consumer credit in 2009 than any other year in its 28-year history.

The man responsible for overseeing the new funding package is Gerald Grimes, divisional managing director of Hitachi Capital Consumer Finance, based in Leeds.

He said: “We are seeing the rebirth of point-of-sale retail finance. With more than £500 million lent to customers at the point of purchase in 2009, the company saw a 40 per cent increase on 2008 in a bid to facilitate consumer spending.

“I passionately lobbied not to increase the VAT on December 31 to help consumers and retailers make the most of the January sales, which would in turn give the economy some extra breathing space to aid recovery.

“However, recent data published by the Finance and Leasing Association has revealed that in-store credit agreements rose by four per cent in the run-up to Christmas, with consumer finance agreements and in-store lending boosting GDP by £4.34 billion.

“With our secure Japanese backing, Hitachi Capital is in a firm position to be able to offer a sizeable cash injection, of over £1 billion, into the British economy through facilitating consumer purchases across retail sectors, helping to secure the UK’s official status as ‘out of the recession’ and pave the way to retail recovery.”

Gerald Grimes joined Hitachi Capital in 2007 and managed the consumer finance team which has achieved business growth, including increased point of sale finance and marketing support to leading retailers.