NatWest appoints Mid-Market Champions to help drive vital business segment’s £35bn growth opportunity across UK economy
NatWest Group has appointed Mid-Market Champions in 12 UK nations and regions, part of its “Growing Together” plan to drive UK wide growth by supporting regional economies and the midsized firms behind them. The announcement was made at the first Mid-Market Growth Council reception hosted by the chancellor of the exchequer at 11 Downing Street on 10 March.
Recent NatWest research shows that nine in ten of mid-market businesses say a visible regional leader would support their company growth (90%) and help economic growth in their region (91%). In addition, 89% of mid-market companies surveyed said that having a visible regional leader representing mid-market firms would be very or somewhat beneficial in influencing positive policy outcomes with devolved and local government. Mid-market firms remain deeply rooted in – and critical to – their local communities, with three quarters (74%) saying their regional economies are fundamental drivers of economic growth.
The appointment of the Champions is designed to address this directly, helping the Bank to drive stronger regional economies and be the trusted partner for the people building in those economies.
Chancellor of the Exchequer Rachel Reeves commented: “Our economic plan is the right one and central to it are strong regions powered by medium-sized businesses. It’s clear those businesses will welcome Mid-Market champions and their role to support regional growth across the country.”
Paul Thwaite, group CEO, NatWest commented: “As the number one bank for mid-sized businesses, this initiative will further strengthen our regional footprint, enabling an even deeper understanding of mid-market customers and accelerating their growth.
“The potential of mid-markets should not be underestimated; just 1% growth in this segment could add £35bn to the UK economy, with £24bn of that outside the South East of England.”
Mid-market companies are crucial to regional economies, often employing a large proportion of their local community. They contribute most significantly to employment in the West Midlands (24%), North East England (23%), Yorkshire (22%), the Humber and Scotland (27%). In aggregate they employ more than 1.2million more individuals than large non-financial corporates.
Drawing on deep regional expertise, the Champions will be a strong voice for mid-market businesses, feeding into the work of the Mid-Market Growth Council – a forum that brings together business leaders, representative bodies and government to provide a platform for this segment and drive action that supports growth. They will develop insights into local customer needs, shape regional priorities for the Council, and strengthen NatWest’s convening power to unlock growth opportunities across the country.
By championing mid-sized businesses, NatWest Group reaffirms its commitment to driving sustainable growth and prosperity throughout the UK with a continued focus on devolved nations and regions.