Mid-sized businesses could add £745bn to the UK economy in the next three years, according to new research by the financial services firm BDO. 

Chancellor Rachel Reeves has set out her ambitions to deliver growth “further and faster”, but her plans have come under fire as the Office for Budget Responsibility looks set to halve its growth forecast for 2025 ahead of her Spring Statement. 

But new research suggests the Chancellor should look to the UK’s mid-market at this week’s Spring Statement. 

Companies with revenues between £10m and £300m, which make up less than one per cent of all businesses across the country, could make up nearly half of the UK’s expansion in gross value added (GVA) by 2028, BDO research suggests.

GVA measures the contribution of a company to an economy and it is often used as a proxy figure for GDP by the Office for National Statistics (ONS). 

These businesses could also yet create an additional 1.9m jobs by 2028, according to BDO’s report. 

The figures were praised by exports minister Gareth Thomas, who said that mid-sized companies were key to the Labour government’s mission to deliver growth. 

“We’re working in partnership with business to ensure they have the right support and recognition to overcome the barriers they face to help them to thrive, create jobs and grow the whole economy,” he said.