Recent Release | 20 Mar 2023
Powering SMEs and the UK economy: Funding Circle’s 2022 impact
Economic Consulting Team
Oxford Economics
Small businesses in the UK continued to make a sizeable contribution to the UK economy in 2022, despite facing new challenges Post Covid. Analysis by Oxford Economics finds that lending to SMEs through Funding Circle generated a £6.9 billion contribution to UK GDP, supported nearly 106,000 jobs, and provided £1.4 billion in tax payments to the UK exchequer.
Small businesses in the UK faced new challenges in 2022, but their experience of the pandemic has made them more resilient. A revival in revenues and a build up of cash reserves allowed SMEs to remain strong in the short-term, and many are now looking to invest and grow in the long-term. This has been supported by over £1 billion in lending provided through Funding Circle in 2022.
Lending through Funding Circle helped SMEs across the length and breadth of the UK. In total, this lending generated a £6.9 billion contribution to UK GDP, supported nearly 106,000 jobs, and provided £1.4 billion in tax payments to the UK exchequer.
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The experts behind the research
James and Adam, members of the economic consulting team, have extensive expertise in quantitative economic analysis having worked with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques.
James Bedford
Senior Economist, Economic Impact
Adam Currie
Economist, Economic Impact
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