• Why MSBs?

    Mid-Sized Business

    ‘Mid-sized businesses’ (MSBs) describes the 10,000 or so firms in the UK which do not fall into the category of either SMEs or the biggest firms. They represent just 0.2% of all UK firms – yet account for around one fifth of private-sector employment and turnover. They are a diverse population, cover a range of sectors and regions and are often well-established, successful companies.

    MSBs should be proud of the contribution they make to their local economy and to the UK. This Growth Review seeks to highlight that contribution, and identify what actions Government can take, working in partnership with others, to unlock further growth.

    There is evidence of untapped growth potential in many of these businesses, compared with other businesses in the UK and internationally. The CBI suggests that up to £50bn extra could be added to GDP within ten years if this potential were unlocked.

    We want to help unlock this potential by:

    • celebrating our Hidden Champions
    • helping businesses to support businesses
    • harnessing leadership capability
    • encouraging export as a strategy for growth
    • supporting access to finance for investment and growth
    • promoting greater resource efficiency

     

    Taskforce to boost finance options for businesses

    At the Autumn Statement the Chancellor announced the formation of an industry-led taskforce to explore how to develop non-bank lending.  The taskforce will report its recommendations in time for budget 2012.  Views have been gathered to contribute to the taskforce from 100+ respondents to the review’s call for evidence and from seven regional and technical workshops the taskforce has held with businesses and market participants.  This covered information on, and experiences of, the barriers to non-bank lending, and a range of ideas and insights into how they might be tackled. For more information, go to the BIS website.

    This is not just about Government action. We are looking to the whole business community to drive growth for MSBs. Businesses, their representative groups and advisors have committed to do more to promote opportunities, mobilise networks and support MSBs to grow.