CBI Research Reveals Role Firms Are Playing In Recovery
New research has revealed medium-sized businesses in Yorkshire and the Humber are playing a key role during the economic recovery, contributing both jobs and growth in the region.
According to figures from the Confederation of British Industry (CBI), firms in the region employing between 50 and 499 people with a turnover between £10 million and £100 million increased their economic contribution by over £270m across the three years to March 2013.
The body also revealed that as well as contributing £15bn gross value added to the local economy, so-called MSBs also employ more than 359,000 people – which marks an increase of 2.7 per cent from March 2010.
In addition, the CBI stated that while such companies only represent two per cent of firms in the region, they employ 14 per cent of the workforce and create 17 per cent of the revenue.
Andrew Palmer, director of CBI Yorkshire and Humber, added: “These businesses are optimistic about the economy and with a small helping hand from the government their future growth potential could be even greater.
“With better access to a range of growth finance options, improved training and research support and help to break into new exports markets – they could be worth an extra £20bn to the UK economy by 2020.”
More and more research is emerging which demonstrates the clear and impressive contribution that medium-sized businesses are making to the economy.
"Such information is a sign of just why it is so important for such businesses to get access to vital support from the government and push forward with their plans for expansion and growth over the coming months.
"The recent announcements regarding the Business Bank are very positive for small and medium-sized businesses across the UK, as well as specifically for Yorkshire with it set to be headquartered in Sheffield.
"However, gaining access to vital finance is just part of the story, and businesses will need to ensure they have the necessary legal support so that they can handle all of the growing pains that can emerge when looking to move to the next level."
Steven Beahan - Partner