According to NatWest, mid-market businesses could add an additional £35 billion to the economy by 2030 with the right support.
Paul Thwaite, the bank’s chief executive, today called for a ‘step change’ to help these businesses, which already add £420 billion of value to the economy every year.
These companies – with between 100 and 2,500 employees and a turnover of between £25m and £500m – are ‘the crucial backbone of our economy’.
That is the conclusion of today’s report, prepared by consultancy Oliver Wyman and NatWest. But a lack of concerted lobbying efforts and a widening skills gap are among the challenges holding the sector back.
Crucially, medium-sized businesses with between 100 and 2,500 employees and a turnover of between £25 million and £500 million – are the backbone of our economy
Thwaite called for “bold and sustained action” to help these companies create “a stronger, more inclusive economic future for us all.”
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