Increasing UK exports both supports the reduction of trade deficit and also generates the opportunity for new jobs, thus reducing unemployment, however there is concern that SME’s are being held back due to the lack of support from the UK Government to enable access to re-financing and short term borrowing.
The CBI believes that firms with a turnover of between £10 million and £100 million represented less than 1% of businesses but generated 22% of economic revenue and 16% of all jobs; however it is these very companies that fall outside of areas of special Government focus, unlike our European partners / competitors. John Cridland, the Director General of the CBI has said, “I want the UK to have its own version of the German ’Mittelstand’ – a backbone of medium-sized firms which export, innovate and generate growth,”
The UK is known for its innovation and technology companies many of which are in this exact company sizing. These companies, given access to the required level of financial support could easily compete in a global market, but will they get the chance?
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