Research suggests that mid-sized companies contribute around a fifth of employment and turnover in the UK economy, despite representing just 0.5 per cent of companies, but more need to be done to support them.
The CBI estimates that with the right help they could be worth £20bn to the economy by 2020.
Lord Livingston said: “Mid-sized businesses have the potential to be economic powerhouses for the UK economy, creating jobs and growth for all regions of the UK.”
But at present Britain’s mid-sized firms are falling behind on exports, with just 17 per cent exporting outside the EU, compared to 25 per cent in Germany and 30 per cent in Italy.
“Their success is dependant on expanding beyond domestic markets so we will be making personal contact with all mid-sized businesses to find out what we can do to help them go up a gear and compete with the best the rest of the world has to offer.
“Businesses excel with UKTI’s support and we want to make sure that they are not just trading abroad, but thriving there.”
Livingston was speaking ahead of today’s Meet the Mittelstand conference in Staffordshire, which brings together UK companies to learn from Germany’s successful mid-sized firms.
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