Medium-Sized Businesses Are UK’s “Economic Engine” As Overseas Turnover Up 50% Since 2011
UK medium-sized businesses have reported that their overseas turnover is up 50% since 2011, according to a report from the BDO. Outperforming UK FTSE 350 and smaller firms, medium-sized enterprises generated £127bn in 2016 – up from £84bn five years previously. Despite the backdrop of Brexit in 2016, the “economic engine” of the UK economy remained buoyant and increased its international sales from £119bn to £127bn – a 7% rise. In contrast, the levels of overseas trade of FTSE350 and small businesses in 2016 fell 30% (from £524bn to £366bn) and 13% (from £12bn to £10.4bn) respectively. With Article 50 negotiations set to begin from Wednesday, the government has been urged to consider the significant of small and medium sized businesses to the economy – with the UK’s 30,000 medium firms acc... »