Mid-sized businesses prove most resilient
New figures published by accountancy and business advisory firm, BDO LLP, have reported that UK mid-sized businesses are proving more resilient after Brexit, than their large and small counterparts.
A year after the UK left the European Union, and it is mid-sized businesses who are benefiting the most from the resulting uncertainty. New data has been released reporting that these mid-sized businesses have increased overseas turnover by 11%. By comparison, large and small businesses saw a reduced turnover in -2% and -11% respectively.
These “UK economic engines” are leading the way in terms of reported profit growth, states BDO.
In July 2017, the UK economic engine increased profits of 22% , while larger firms saw their profits fall from £108bn to £100bn.
BDO criticises the treatment of these mid-sized businesses by government, claiming they are “overlooked and undervalued”. These businesses are too big to benefit from SME incentives and too small to attract the attention that bigger companies command, and BDO warns they too often fall into a “policy gap”.
BDO calls for a readjusting within government, and asks for these mid-sized businesses to be the focal point of the post-Brexit ‘new economy’. BDO’s New Economy report focuses on regional balance and sustainability, where polices around tax simplification and infrastructure investment will “play a major role in helping UK’s mid-sized businesses grow and create jobs”.
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