Journal Article

Getting left behind? : the localised consequences of exclusion from the credit market for UK SMEs


Recent research has identified a key subset of the business population that comprises firms who had sought external finance but subsequently withdrew from the credit market completely despite still requiring finance. Utilising the UK’s Longitudinal Small Business Survey between 2015-2020, we identify the consequences in terms of lost jobs and sales of these small and medium-sized enterprises (SMEs) dropping out of the credit market for finance.  We conduct our analysis at the regional and sub-regional level and found that around 230,000 SMEs have dropped out of the UK credit market and that in many localities this has reduced job creation and sales income growth. We conclude that this exclusionary borrowing behaviour will add further to existing regional and sub-regional economic inequalities in the UK, making the “levelling up” agenda a very elusive policy objective.

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Cowling, Marc
Brown, Ross
Liu Weixi
Rocha, Augusto

Oxford Brookes departments

Oxford Brookes Business School


Year of publication: 2023
Date of RADAR deposit: 2023-06-27

Creative Commons License This work is licensed under a Creative Commons Attribution 4.0 International License

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