The impact of Brexit on SME lending in the UK

IF 5.1 1区社会学 Q1 GEOGRAPHY

Journal of Rural Studies Pub Date : 2025-05-02 DOI:10.1016/j.jrurstud.2025.103683

Cem Soner , Rasha Alsakka , Noemi Mantovan

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引用次数: 0

Abstract

Using a difference-in-differences model, we find a significant 1.2 % (4.8 %) quarterly (annual) lending contraction to Small and Medium-Sized Enterprises (SMEs) in the UK following the Brexit vote compared to similar European countries. This impact persisted in several quarters, particularly during key Brexit milestones, reflecting the prolonged uncertainty induced by Brexit. Within-country analysis, using postcode-level data, reveals severe loan contractions in rural and peripheral areas, as well as in regions with high EU export proportions, highlighting regional disparities in Brexit's impact on SME lending. Our findings emphasize the importance of economic geography and the role of local conditions in shaping access to finance during shocks. These results call for regionally tailored policies that specifically address the resilience and financial challenges faced by SMEs in rural and peripheral regions, to foster economic recovery across the UK in the post-Brexit era. Our research contributes to the literature on regional resilience and finance, with implications for policymakers aiming to mitigate the unequal impacts of economic shocks.

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英国脱欧对英国中小企业贷款的影响

使用差异中的差异模型，我们发现与类似的欧洲国家相比，英国脱欧公投后，中小企业（SMEs）的季度（年度）贷款收缩幅度显著为1.2%（4.8%）。这种影响持续了几个季度，特别是在英国脱欧的关键里程碑期间，反映了英国脱欧引发的长期不确定性。使用邮政编码级别数据的国内分析显示，农村和外围地区以及欧盟出口比例较高的地区的贷款严重萎缩，突显了英国脱欧对中小企业贷款影响的地区差异。我们的研究结果强调了经济地理的重要性以及当地条件在冲击期间影响融资渠道的作用。这些结果要求制定适合地区的政策，专门解决农村和周边地区中小企业面临的弹性和财务挑战，以促进英国脱欧后时代的经济复苏。我们的研究对区域弹性和金融的文献有贡献，对旨在减轻经济冲击不平等影响的政策制定者有启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Rural Studies Multiple-

CiteScore

9.80

自引率

9.80%

发文量

286

期刊介绍： The Journal of Rural Studies publishes research articles relating to such rural issues as society, demography, housing, employment, transport, services, land-use, recreation, agriculture and conservation. The focus is on those areas encompassing extensive land-use, with small-scale and diffuse settlement patterns and communities linked into the surrounding landscape and milieux. Particular emphasis will be given to aspects of planning policy and management. The journal is international and interdisciplinary in scope and content.