Investment and hiring drive to ‘spearhead’ UK recovery, says BDO

The UK’s economy is set to have a significant boost thanks to mid-sized firms’ plans to invest and recruit more after the pandemic, according to research carried out by BDO.

Some 86% of the 500 businesses surveyed by the accounting giant plan to recruit more staff in the next six months, while 75% predict a return to pre-pandemic revenues within a year.

Ed Dwan, partner at BDO, said: “Mid-sized businesses are the engine of the economy; they have often proven robust even during the most uncertain economic conditions.

“The resilience they have demonstrated over the past year will mean they are well-placed to benefit from the vaccine roll-out and gradual lifting of restrictions. Ultimately these businesses will drive the UK’s economic recovery forward.”

He added: “However, the strength of the mid-market economy can’t be taken for granted. The results show that government support has been vital for this segment of the economy so far, but areas such as access to finance and support on supply chain disruption will be crucial in creating an environment that allows these businesses to thrive.”