Business lobby the Confederation of British Industry (CBI) suggests in a report entitled ‘Future Champions - unlocking growth in the UK’s medium-sized business’ that medium-sized firms have a major role in creating jobs and assisting the nation’s economic recovery.

Focusing on companies with a turnover of between £10m and £100m, which account for 22% of economic revenue and 16% of total employment, the report says “when compared with larger firms in the UK and overseas companies, there is clearly significant untapped growth potential waiting to be released.”

The report argues that with help from financiers, academic institutions, professional services firms, larger businesses, trade associations and government, such firms, dubbed a “forgotten army”, could contribute as much as £50bn to the economy by 2020.

However, one of the major obstacles to be overcome comes from within the companies themselves, as they “lack sufficient ambition and confidence to spur them on.”