{"id":17838,"date":"2024-12-02T06:45:17","date_gmt":"2024-12-02T06:45:17","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/south-west\/?p=17838"},"modified":"2024-12-02T08:02:18","modified_gmt":"2024-12-02T08:02:18","slug":"uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market","title":{"rendered":"UK&#8217;s &#8216;critical&#8217; \u00a31.3 trillion mid-market plays major role in SW&#8217;s jobs market"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Mid-market corporates (MCCs) play a significant role across the South West\u2019s jobs market, employing 23% of the workforce.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A new report by NatWest, in partnership with Oliver Wyman and supported by the Business Secretary, Jonathan Reynolds MP, has identified that UK mid-market businesses have an oversized impact on the UK economy, are particularly important to regional economies and are the unsung engine of the economy:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">c.13,000 of these businesses exist across the UK; <\/span><\/li>\n<li>while being only 0.5% of the total number of UK companies each MMC business contributes the equivalent of 200 SMEs to the economy;<\/li>\n<li>every year they contribute \u00a31.3trillion of turnover and \u00a3420billion of Gross Value Added (GVA) to the economy nearly one third of all companies;<\/li>\n<li>with the correct support, MMCs could contribute an additional \u00a3115bn to turnover and \u00a335bn of GVA by 2030. For areas outside of London and the South East, the growth potential could be up to \u00a370bn and \u00a324bn for turnover and GVA respectively, and<\/li>\n<li>employ 7.3million Britons \u2013 26% of the total and are essential employers across the UK\u2019s regions.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">MMCs are crucial to regional economies, often employing a large proportion of their local community. As well as employing 23% of the South West\u2019s workforce, they contribute significantly to employment in the West Midlands (24%), North East England (23%), Yorkshire and the Humber (27%) and Scotland (27%). In aggregate they employ more than 1.2million more individuals than large non-financial corporates.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0MMCs are also present across all sectors, with 20-30% share of turnover in most industries. MMCs form a higher proportion of the education sector, including many universities and private schools, and the property sector, while being less present in retail and agriculture.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through consultation with over 2,000 of these businesses, the report has identified five challenges mid-market businesses need support to overcome from government, financial institutions and partners to unlock growth. If these challenges are addressed, it is estimated that the mid-market segment could benefit from an uplift in turnover of \u00a3115bn, adding an additional \u00a335bn of gross value add (GVA) to the economy by 2030. For areas outside of London and the South East, the growth potential could be up to \u00a370bn in turnover and \u00a324bn in gross value add.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The top 5 challenges are:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Insufficient access to skills \u2013 MMCs struggle to fill vacancies at every level (specialist and entry level) and the problem is getting worse;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Infrastructure and planning restrictions &#8211; MMCs are typically more regionally based, limitations in regional infrastructure (e.g., housing, rail\/bus links, grid connectivity, broadband) disproportionally affects this segment. Compounded by problems with the planning system;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Complexity growing faster than their capacity &#8211; the level of complexity can exponentially increase as they establish new business lines, enter new markets or breach thresholds for regulation or red tape;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Lack of self-identity and collective profile \u2013 MMCs do not self identify as a distinct segment (unlike the German Mittelstand), and therefore cannot collectively advocate for additional support and policies which would enable growth;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8211; Lack of data and transparency this segment loses in terms of policy support and other targeted measures as the lack of data means it is difficult for public and private sector stakeholders to understand the importance of the MMC segment to the economy and define policy and other targeted measures to support growth and productivity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In response to these issues and to provide a unified voice to this critical segment, the bank with the support of the Department of Business and Trade has today announced a plan to create a new UK Mid-Market Council, with members representing the primary sectors from across the business sphere.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first bodies to be announced as members include the British Chamber of Commerce, Confederation of British Industry, Make UK, and XYZ.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NatWest will launch the Mid-Market Growth tracker in January, in collaboration with S&amp;P Global. Thought to be the first of its kind, the tracker will provide a quarterly view of sentiment across the UK mid-market, giving an ongoing view of this sector\u2019s sentiment and growth prospects in every corner of the UK.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Faye Long, regional managing director commercial mid-market at NatWest, said: \u201cWithout question mid-market businesses play a pivotal role in the South West economy, employing nearly a quarter of the workforce. And with the right support and investment, they have the potential and capabilities to have an even greater impact on the region. We look forward to working with our regional partners on developing ways to better support these vital businesses.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jonathan Reynolds, Business Secretary, said: \u201cI welcome this report, which describes the vital role that mid-market corporates can play in driving economic growth. As these businesses scale up, they can become tomorrow\u2019s blue-chip quoted companies with global scale and reach. I look forward to working with NatWest and the new Council to ensure that the potential of mid-market corporates is fully realised.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It accounts for 26% of employment nationally and 23% of employment in the South West\u00a0<\/p>\n","protected":false},"author":18,"featured_media":5685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[81],"class_list":["post-17838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-featured-story"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK&#039;s &#039;critical&#039; \u00a31.3 trillion mid-market plays major role in SW&#039;s jobs market - South West<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK&#039;s &#039;critical&#039; \u00a31.3 trillion mid-market plays major role in SW&#039;s jobs market - South West\" \/>\n<meta property=\"og:description\" content=\"It accounts for 26% of employment nationally and 23% of employment in the South West\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market\" \/>\n<meta property=\"og:site_name\" content=\"South West\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-02T06:45:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-02T08:02:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alex Turner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alex Turner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market\",\"url\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market\",\"name\":\"UK's 'critical' \u00a31.3 trillion mid-market plays major role in SW's jobs market - South West\",\"isPartOf\":{\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg\",\"datePublished\":\"2024-12-02T06:45:17+00:00\",\"dateModified\":\"2024-12-02T08:02:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/#\/schema\/person\/bb22271482a44cfd8737315c2eb01c2d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#primaryimage\",\"url\":\"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg\",\"contentUrl\":\"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg\",\"width\":900,\"height\":601},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.thebusinessdesk.com\/south-west\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UK&#8217;s &#8216;critical&#8217; \u00a31.3 trillion mid-market plays major role in SW&#8217;s jobs market\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/#website\",\"url\":\"https:\/\/www.thebusinessdesk.com\/south-west\/\",\"name\":\"South West\",\"description\":\"Regional business news for South West\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.thebusinessdesk.com\/south-west\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/#\/schema\/person\/bb22271482a44cfd8737315c2eb01c2d\",\"name\":\"Alex Turner\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.thebusinessdesk.com\/south-west\/#\/schema\/person\/image\/78a21fc2ed768148b316e904976a1633\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b96b4b4b2d6de0a47dc65a6ffeab2a69?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b96b4b4b2d6de0a47dc65a6ffeab2a69?s=96&d=mm&r=g\",\"caption\":\"Alex Turner\"},\"url\":\"https:\/\/www.thebusinessdesk.com\/south-west\/news\/author\/alexturner\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UK's 'critical' \u00a31.3 trillion mid-market plays major role in SW's jobs market - South West","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market","og_locale":"en_GB","og_type":"article","og_title":"UK's 'critical' \u00a31.3 trillion mid-market plays major role in SW's jobs market - South West","og_description":"It accounts for 26% of employment nationally and 23% of employment in the South West\u00a0","og_url":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market","og_site_name":"South West","article_published_time":"2024-12-02T06:45:17+00:00","article_modified_time":"2024-12-02T08:02:18+00:00","og_image":[{"width":900,"height":601,"url":"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg","type":"image\/jpeg"}],"author":"Alex Turner","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Alex Turner","Estimated reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market","url":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market","name":"UK's 'critical' \u00a31.3 trillion mid-market plays major role in SW's jobs market - South West","isPartOf":{"@id":"https:\/\/www.thebusinessdesk.com\/south-west\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#primaryimage"},"image":{"@id":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#primaryimage"},"thumbnailUrl":"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg","datePublished":"2024-12-02T06:45:17+00:00","dateModified":"2024-12-02T08:02:18+00:00","author":{"@id":"https:\/\/www.thebusinessdesk.com\/south-west\/#\/schema\/person\/bb22271482a44cfd8737315c2eb01c2d"},"breadcrumb":{"@id":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#primaryimage","url":"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg","contentUrl":"https:\/\/www.thebusinessdesk.com\/_files\/images\/2023\/07\/Coins-AT-1-e1494934925976.jpg","width":900,"height":601},{"@type":"BreadcrumbList","@id":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/17838-uks-critical-1.3-trillion-mid-market-plays-major-role-in-sws-jobs-market#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.thebusinessdesk.com\/south-west\/"},{"@type":"ListItem","position":2,"name":"UK&#8217;s &#8216;critical&#8217; \u00a31.3 trillion mid-market plays major role in SW&#8217;s jobs market"}]},{"@type":"WebSite","@id":"https:\/\/www.thebusinessdesk.com\/south-west\/#website","url":"https:\/\/www.thebusinessdesk.com\/south-west\/","name":"South West","description":"Regional business news for South West","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.thebusinessdesk.com\/south-west\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/www.thebusinessdesk.com\/south-west\/#\/schema\/person\/bb22271482a44cfd8737315c2eb01c2d","name":"Alex Turner","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.thebusinessdesk.com\/south-west\/#\/schema\/person\/image\/78a21fc2ed768148b316e904976a1633","url":"https:\/\/secure.gravatar.com\/avatar\/b96b4b4b2d6de0a47dc65a6ffeab2a69?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b96b4b4b2d6de0a47dc65a6ffeab2a69?s=96&d=mm&r=g","caption":"Alex Turner"},"url":"https:\/\/www.thebusinessdesk.com\/south-west\/news\/author\/alexturner"}]}},"_links":{"self":[{"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/posts\/17838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/comments?post=17838"}],"version-history":[{"count":1,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/posts\/17838\/revisions"}],"predecessor-version":[{"id":17839,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/posts\/17838\/revisions\/17839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/media\/5685"}],"wp:attachment":[{"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/media?parent=17838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/categories?post=17838"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.thebusinessdesk.com\/south-west\/wp-json\/wp\/v2\/coauthors?post=17838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}