GOVERNMENT support to help medium-sized exporting firms plug the North-South divide in overseas sales is needed, a senior business adviser said today (MON) .
Terry Jones, partner and head of accountants BDO in Yorkshire, says regional medium-sized firms are still under-valued when it comes to their contribution to UK growth and economic recovery.
He said: “Approximately 75 per cent of all mid-market exports take place outside London and the South East, yet the gGovernment’s focus still lies heavily with the City of London. “As policy makers strive to rebalance the economy, It’s important to recognise that regional mid-market firms contribute significantly. What’s exciting, yet equally frustrating, is that they’d have even more growth potential if the right support was in place.,“ There’s considerable appetite for international expansion among local firms. It’s now up to the government to put the right policies in place and give these companies the tools to thrive.”
New figures from BDO show that manufacturers are the most valuable exporting sector for Yorkshire’s mid-market, trading, selling more than £1.3 billion of goods to international markets annually . Yorkshire is the only UK region where the export value of medium-sized manufacturing firms is higher than that of consumer markets or financial services, accounting for a third of all exported goods and services out of the region. Total exports by Yorkshire’s medium-sized firms are worth more than £4billiion a year.
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