MEDIUM-SIZED businesses are being overlooked by Government – but have the potential to inject £20bn to £50bn into the UK economy by 2020, it was said today .
Firms with turnover of between £10m and £100m represent fewer than 1% of businesses, but generate 22% of economic revenue and 16% of all jobs.
Employers’ body the CBI calculated that Yorkshire’s economy could benefit to the tune of £3.6bn by 2020 if medium-sized businesses were able to improve their performance.
The findings come in a CBI report, Future Champions.
Andrew Palmer, CBI director for Yorkshire, said: “Medium-sized businesses are truly the UK’s forgotten army, and now is the time to unlock their true potential.
“We should be championing, nurturing and encouraging our mid-sized firms so that more of them grow and create jobs.”
Medium-sized firms in Yorkshire account for 16.7% of all jobs.
Mid-sized firms also represent 30% of UK manufacturing base.
The CBI is calling for measures to provide mid-sized firms with better access to finance, widen the research and development tax credit and promote greater collaboration between large and mid-sized companies in their supply chain, and boost innovation, exports and recruitment.
