Britain's mid-sized businesses have boosted their international turnover despite Brexit uncertainty, according to new research from accountants and advisers BDO.
Mid-sized firms remained upbeat throughout the Brexit uncertainty in 2016 increasing overseas trade by seven per cent from £119bn to £127bn.
The research also revealed that mid-sized businesses have grown international turnover by 50 per cent since 2011 from £84bn to £127bn. This growth outstrips that of UK FTSE 350 and small businesses, which have fallen 14 per cent (£425bn to £366bn) and 25 per cent (£13.9bn to £10.4bn) respectively.
BDO has called on the government to consider needs of mid-sized businesses as part of Article 50 negotiations.
Paul Eagland, managing partner at BDO, said: “High-performing and entrepreneurially-spirited mid-sized businesses are the economic engine of UK international growth. Despite all the uncertainty of the past twelve months these companies have taken calculated investment risks and prospered. The success of these businesses should not be taken for granted and, with Article 50 being invoked in two days’ time, it is crucial that the government factors the needs of these mid-sized businesses into their thinking ahead of negotiations”.
Earlier this month, the UK economy's growth forecast for this year was revised sharply higher by the Budget watchdog. The Office for Budget Responsibility predicts the economy to grow by two per cent, up from its previous forecast of 1.4 per cent.