A new report has confirmed what we already knew; Leeds is a business powerhouse
A new report has confirmed what we all knew already; Leeds is a business powerhouse
The study, carried out by NatWest and data company Beauhurst, analysed growth across innovation, profit, headcount and turnover among mid-market firms nationwide. It put Leeds as the third most powerful
Leeds has built a reputation in health technology to complement its long-established financial services sector, strengthened by close ties to NHS Digital and leading hospitals.
Andy Gray, managing director of commercial mid-market at NatWest said: “The UK’s economic story is no longer written only in its biggest cities. Across the country, mid-sized businesses are scaling up, investing in people and creating high-quality jobs. These boom regions demonstrate that entrepreneurial energy and economic resilience can flourish anywhere.”
Henri Murison, chief executive at The Northern Powerhouse Partnership, said: “While London remains an important location for mid-market businesses, this new report from NatWest clearly points to the impressive growth and innovation that is taking place in the North.
“As the Autumn Budget approaches, we should be backing concrete steps towards adoption and diffusion of innovation in businesses that are seeking to scale up, providing more high skilled jobs in Northern towns and cities, and playing a fundamental part in delivering the UK Government growth mission.”
The Yorkshire Evening Post has reported on dozens of business growth stories in recent months:
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Fellow northern city Manchester ranked highly thanks to its thriving creative and digital sectors, fuelled by MediaCityUK and a flourishing start-up scene. Oxford stood out for its research-driven businesses, many of which began as university spinouts before scaling into significant mid-market enterprises. While London remains the largest centre for profit, headcount and turnover in the mid-market, the report reveals other areas of the UK are increasingly standing out for their innovation.
The research focused on mid-market companies turning over between £25m and £500m annually – these businesses account for 26 per cent of employment and 30 per cent of UK economic Gross Value Added.The findings also project that, with the right support, mid-market companies could add an extra £115 billion in turnover and £35 billion of Gross Value Added by 2030 – despite representing just 0.5 per cent of businesses in the UK.
Louise Hellem, chief economist at the CBI, said: “This report underlines the vital role the mid-market sector plays in driving regional growth and strengthening our economy.These businesses are not just surviving, they’re expanding, innovating, and investing in their communities. To fully unlock the UK’s potential and develop high growth clusters, we should harness their strengths as part of regional growth plans, ensure they are engaged in shaping local skills plans and have greater access to finance to scale.”
Smaller authorities also made the list, with Slough and Telford & Wrekin both highlighted as growth hotspots. Swindon has also emerged as one of the nation’s leading climate technology hubs, thanks to its cluster of renewable energy and clean-tech firms. Among the emerging centres of growth, researchers pinpointed South Cambridgeshire as home to a thriving cluster of university spinouts. Aberdeenshire also performed strongly in the innovation category, reflecting its long-standing expertise in oil and gas, now being redirected into renewable energy, carbon capture and wider climate technologies.
TOP 25 REGIONS FOR MID-MARKET BUSINESS GROWTH IN THE UK
1. London
2. Manchester
3. Leeds
4. Oxford
5. Birmingham
6. Buckinghamshire
7. North Yorkshire
8. Edinburgh
9. Glasgow
10. Bristol
11. Cheshire East
12. Milton Keynes
13. Belfast
14. Sheffield
15. West Northamptonshire
16. Aberdeen
17. Wiltshire
18. Warrington
19. Cardiff
20. Windsor and Maidenhead
21. Solihull
22. Reading
23. Cheshire West and Chester
24. Wakefield
25. Nottingham