Research reveals the United Kingdom’s top 25 regions for mid-market business growth, spotlighting fast-growing innovation hubs such as Manchester, Leeds, and Oxford, and indicating the ecosystem’s role in driving regional economic resilience before the announcement of the Autumn Budget.

An index of the United Kingdom’s hotspots for business growth has identified Manchester, Leeds and Oxford as being among the most active areas for mid-market activity in the country.

The extensive report from NatWest, which points to the rising powerhouses of opportunity across the country, found Manchester to be a “dynamic hub for creative and digital industries fueled by MediaCityUK and a thriving start-up scene.”

Oxford, meanwhile, is said to currently be home to research-driven firms that have gradually evolved from university spinouts into mid-market players, with Leeds carving out its role in healthtech in order to complement its financial services sector thanks to its links to NHS Digital and various hospitals.

Although London remains the largest centre for profit, headcount, and turnover in the mid-market, other parts of the UK begin “to feature more prominently when it comes to innovation.”

Slough and Telford and Wrekin were among the relatively smaller authorities appearing in the rankings, while Swindon emerged as one of “the climate technology hubs of the country thanks to a cluster of renewable energy and clean technology companies in the area.”

Top 25 regions for mid-market business growth in the UK:

• London
• Manchester
• Leeds
• Oxford
• Birmingham
• Buckinghamshire
• North Yorkshire
• Edinburgh
• Glasgow
• Bristol
• Cheshire East
• Milton Keynes
• Belfast
• Sheffield
• West Northamptonshire
• Aberdeen
• Wiltshire
• Warrington
• Cardiff
• Windsor and Maidenhead
• Solihull
• Reading
• Cheshire West and Chester
• Wakefield
• Nottingham

The NatWest research, conducted with data company Beauhurst, took into account “innovation, profit change, headcount change and turnover as part of the report, which sought to identify the regional hubs that are reshaping the UK’s economic geography.”

It puts the spotlight on mid-market companies (MMCs) which turn over between “£25m and £500m annually and account for more than a quarter (26%) of employment and 30% of UK economic Gross Value Added* – a key consideration ahead of the Autumn Budget.”

Andy Gray, Managing Director of Commercial Mid-Market at NatWest, said:

 “The UK’s economic story is no longer written only in its biggest cities. Across the country, mid-sized businesses are scaling up, investing in people and creating high-quality jobs.”

Henri Murison, Chief Executive at The Northern Powerhouse Partnership, said:

“While London remains an important location for mid-market businesses, this new report from NatWest clearly points to the impressive growth and innovation that is taking place in the North across both Manchester and Leeds, and their respective neighbours across Cheshire and in Wakefield, as well as North Yorkshire and Sheffield.”

Louise Hellem, Chief Economist at the CBI, said:

 “This report underlines the vital role the mid-market sector plays in driving regional growth and strengthening our economy. These businesses are not just surviving, they’re expanding, innovating, and investing in their communities. To fully unlock the UK’s potential and develop high growth clusters, we should harness their strengths as part of regional growth plans, ensure they are engaged in shaping local skills plans and have greater access to finance to scale.”

Committed to assisting businesses with taking the action they need to grow, NatWest says that it currently provide  a range of support for MMCs, which includes various funding options to expert knowledge and advice.