Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Government-backed council to champion ‘unsung’ mid-sized businesses

by December 2, 2024
December 2, 2024
Government-backed council to champion ‘unsung’ mid-sized businesses

A government-supported group is being established to represent the UK’s mid-sized businesses, often overlooked despite their significant contribution to the economy.

According to a NatWest report, these “unsung” firms could add an additional £115 billion to the UK economy by 2030 with the right support, driving growth particularly in regions outside London and the southeast.

Mid-sized businesses account for just 0.5% of UK companies but employ over 7.3 million people — more than a quarter of the private sector workforce. They play a crucial role in areas such as the West Midlands, northeast England, Yorkshire and the Humber, and Scotland, the report found.

However, challenges including skill shortages, poor regional infrastructure, and a lack of representation are holding back their growth. Unlike Germany’s Mittelstand, the UK’s mid-market firms lack a collective identity and advocacy platform, leaving their interests overshadowed by larger corporates and small business groups.

To address this, a “mid-market council” is set to launch in 2025, supported by NatWest and the Department of Business and Trade. The council will act as a unified voice for the sector, representing key industries and addressing critical issues such as infrastructure, planning, and skills shortages.

Paul Thwaite, NatWest’s CEO, stressed the importance of giving mid-sized companies greater visibility: “They don’t have a collective voice. There’s a lot of talk about small businesses, and large corporates have their own platform. These businesses need to be treated as a distinct segment.”

The report highlighted that poor infrastructure — including transport, broadband, housing, and grid connectivity — disproportionately affects mid-sized firms, particularly outside the southeast. A lack of skilled workers and a restrictive planning regime further hinder their ability to expand and innovate.

Jonathan Reynolds, business secretary, welcomed the creation of the council, noting that mid-sized businesses have the potential to outpace other market segments in growth, exports, and productivity. He said the council would “amplify their voice” and unlock untapped potential in the sector.

Read more:
Government-backed council to champion ‘unsung’ mid-sized businesses

0
FacebookTwitterGoogle +Pinterest
previous post
Bank of England warns of growing financial risks from trade war
next post
Exclusive Interview with Larry Weltman: Adaptability, Innovation, and Navigating Professional Challenges

You may also like

Getting To Know You: Hannah Fitzsimons, CEO, Cashflows

July 31, 2024

One-third of UK businesses urge government to cut...

October 22, 2024

British workers increasingly likely to work into their...

May 1, 2023

Earn outs explained

June 18, 2024

Short-Term rentals face potential ban: The impact on...

September 20, 2023

How to Find a Trusted Supplier of Aciclovir...

June 29, 2023

Aston Martin boss Vows to Continue Petrol Car...

April 11, 2024

UK commits to further talks with EU to...

January 17, 2023

Virgin Orbit lays off workforce after funding failure

March 31, 2023

Fostering Financial Wisdom: City Veteran Peter Davies from...

May 1, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rand Paul says he would support ‘big, beautiful bill’ if debt ceiling hike removed

      June 1, 2025
    • Kevin Hassett ‘very, very confident’ courts will back Trump’s tariffs amid legal setback

      June 1, 2025
    • Senate Republicans eye changes to Trump’s megabill after House win

      June 1, 2025
    • Trump shares post saying Biden was executed, replaced with clones

      June 1, 2025
    • House Dems’ campaign chair says her party’s ‘on offense’ in 2026 battle to win back majority from GOP

      June 1, 2025
    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,458)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved