Nexus CIFS underlines the importance of scale-ups for the UK economy
"If we take action now to focus on scale-ups, we will secure significant growth in jobs, taxes and wealth, and the competitive advantage of Britain for generations to come", underlines Nexus CIFS commenting the latest Scale-Up Report on UK Economic Growth. A ‘scale-up’ is an enterprise with average annual growth in employees (or turnover) greater than 20% over a three-year period.
The UK report explains how a boost of just 1% to our scale-up population should drive an additional 238,000 jobs and £38 billion to the economy within three years. In the medium-term, we stand to benefit by £96 billion per annum and in the long-run, if we close the scale-up gap, then we stand to gain 150,000 net jobs and £225 billion by 2034. This goes hand-in-hand with the UK’s need to grow its export industries.
"We are delighted that so many of our clients fit into the ‘scale up’ category and are the real drivers of our economy", says Nexus CIFS. "It could well be a time when big changes are made to suppliers, the way you do business, and when you have to think globally rather than domestically – all part of the ‘growing pains’ that need to be dealt with effectively".