Much of the policy debate about growth tends to focus on the contributions of either big business or small and medium-sized enterprises (SMEs).
But there are plenty of other companies, often termed ‘mid-market firms’ – with an annual turnover of between £15m-£800m, which sit between these two ends of the spectrum and are contributing to the UK’s economic recovery. The UK mid-market accounts for around a third of UK private sector GDP and has continued to generate growth and employment throughout the recession. The average UK mid-market firm grew 2.3% in the last year.
Despite these strengths evidence suggests that mid-market firms in the UK feel less supported by existing policies than similar firms in France, Germany and Italy. This raises questions about how well the UK is supporting the ‘hidden champions’ of the mid-market. The contribution of mid-market firms is largely missing from policy debates around business finance, localism and the contribution of universities to growth and competitiveness. What more could or should be done to recognise and promote mid-market firms? Are policy makers missing a trick by neglecting mid-market growth?
Chalk + Talk welcomes Stephen Roper, Professor of Enterprise at Warwick Business School and Director of the Enterprise Research Centre (ERC), who will discuss whether supporting UK mid-market growth is a policy opportunity which needs to be grasped.
This event is kindly supported by the ESRC.