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.
To download the report, please complete the form below.
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
Adam Currie
Economist
Read the report
Tags:
You might be interested in
True Cost of Compliance – 2023 Report
This 2023 report updates our 2020 research on the detection and prevention of financial crime, and it's cost to the UK financial services sector. We surveyed 300 senior compliance executives about their costs and compliance activities, and used these results to estimate the costs across the UK Financial Services sector.
Find Out More
The Climate Impact of SMEs: Evidence from the UK and South Africa
“The Climate Impact of SMEs” presents research conducted by Oxford Economics, on behalf of Sage, into the economic and climate impact of SMEs in the UK and South Africa, exploring both direct and supply chain impacts with our Global Sustainability Model (GSM), and SME attitudes, intentions and barriers to becoming more sustainable through a broad survey of SMEs and focused case studies.
Find Out More
With no steer, gilts and sterling to remain rudderless at sea
We do not expect a long-lasting rebound in sterling (or gilts) anytime soon, given the lack of a credible fiscal consolidation framework and, thus far, a tepid BoE reaction today.
Find Out More
Maximizing Mobile Value – To BYOD or not to BYOD?
We surveyed 500 US executives and 1,000 employees at small and mid-sized businesses to investigate how they incorporate smartphones, the benefits and the cost.
Find Out More