The Businesses Leading Britain 1,000 (BLB1000), which Deloitte has identified as the fastest-growing medium-sized businesses in the UK, are essential to the economic recovery of the UK. In the past three years, the BLB1000 not only generated more than 9% of the UK GDP in revenues, they also were responsible for almost half of the total increase in UK headcount.
Big Four firm Deloitte recently released its ‘Businesses Leading Britain 2014’ report, part of UK Futures, in which it provides insights into the 1,000 fastest-growing medium-sized businesses (MSBs) with annual revenues between £30 million and £1 billion in the UK. For this report, the consulting firm looked at revenue and employment figures of the past three years.
Deloitte’s figures show that these Businesses Leading Britain 1,000 (BLB1000) are making significant contributions to the UK economy. In 2013, the combined revenue of these BLB1000 totalled £158 billion, which is 9.2% of the total UK GDP. Over the past three years, these businesses have managed to increase their revenues by £30 billion.
According to the firm, the importance of the BLB1000 is also evident in the jobs market, as the BLB1000 managed to increase their headcount in every region. The highest increase in headcount is found in London, where over 35,000 people were hired between 2011 and 2013, followed by South East, with more than 27,000, and East of England, almost 24,000. When looking at percentages, the North East is leading the pack, with an increase of 127% in headcount, followed by the East Midlands and Wales, with both increases of around 50%. The BLB1000 also managed to grow in the East of England, where the regional employee number fell by around 90,000, with an increase of almost 24,000. In total, the BLB1000 increased their headcount by 182,000 between 2011 and 2013, which is close to half the increase in total UK headcount in the same period, stating the importance of these businesses for the UK economy.
Recently, BDO also released a research into the important role of mid-sized businesses for the UK economy, and showed that the mid-sized businesses in the UK are responsible for 25% of all private sector employment.