Posted by John North, Partner
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Middle market firms are driving job creation
Medium-sized companies play a far larger role in Britain’s economy than previously realised.
The UK’s “engine room” of middle-market firms is in fact more than a match for the much-admired Mittelstand in Germany, which has previously been hailed as a shining ] example of how medium-sized firms can drive economic growth.
In Britain today, companies with a turnover of between £33million and £325million now account for 17.2 per cent of all economic activity.
This is slightly ahead of the 16.3 per cent share of similar-sized businesses in Germany and 13.2 per cent in the USA.
The encouraging comparisons were revealed in a new report by HSBC, which assessed the performance of medium-sized companies in 15 economies nationwide.
Amanda Murphy, head of corporate banking, said: “UK mid-sized businesses are truly the backbone of the British economy, supporting millions of jobs and making a vital contribution to economic performance.
“As this study shows, the ‘Brittelstand’ is among the leaders globally in terms of the support it provides the domestic economy – all too often, this contribution has been underestimated, if not hidden.”
In total, 3.4million jobs are created by MMEs in the UK, accounting for 14.5 per cent of all private sector employment.
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