Super fast growth companies know as ‘gazelles’ are expected to contribute £38 billion to the UK economy in exports by 2020, according to new research.
The report finds London’s medium-sized businesses are set for a growth spurt over the next few years up to 2020 – increasing their contribution to GVA from £62 billion in 2015 to £76 billion in 2020.
This is largely due to an exciting group of super fast growth companies knows as ‘gazelles’, which are companies that have exhibited a turnover growth of greater than 10 per cent every year for at least five years, with a turnover of at least £30 million.
As a result of this research from international law firm Gowling WLG, Tom Thackray, CBI Acting Director of Competitive Markets, remarks: “Medium sized businesses are the unsung heroes of the UK economy. Fast growth mid-market firms were the difference between recovery and recession in 2010-13 – they have the potential to help rebalance our economy and bring prosperity to every corner of the UK. The Government can help them by continuing to review the tax system to ensure it incentivises entrepreneurship, improve access to skilled workers and encourage prompt payment.”
This video pin-points Where the UK’s much needed economic growth will come from: