Mid-market firms can add £35bn to economy, predicts NatWest
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Mid-market firms could add an extra £35bn to the economy by 2030 with the right support, according to NatWest. Paul Thwaite, the bank’s chief executive, has today led calls for a ‘step change’ to help these companies, which already add £420billion in value to the economy each year.
These firms – with between 100 to 2,500 staff and turnover between £25m and £500m – are ‘the critical backbone of our economy’. That is the verdict of today’s report, by consultancy Oliver Wyman and NatWest. But a lack of united lobbying efforts and a worsening skills gap are among the challenges holding the sector back.
Thwaite called for ‘bold and sustained action’ to help these firms create ‘a stronger, more inclusive economic future for us all.’. Critical: Mid-market firms with between 100 to 2,500 staff and turnover between £25m and £500m – are the backbone of our economy.
. NatWest boss Paul Thwaite writes: There exists in the UK an overlooked powerhouse of 13,000 businesses that could hold the key to driving our future productivity and growth. Mid-market firms, which employ between 100 and 2,500 people, have over the past decade consistently grown at a faster pace than the economy as a whole.
They make up just 0.5 per cent of UK total companies but punch well above their weight; they account for more than a quarter of national turnover and more than seven million jobs nationwide. Yet these firms do not receive the recognition they deserve. They operate in a twilight zone between exciting start-ups and big corporates, with an equally big platform.
