THE region’s businesses are set to leave over £3.5 billion GVA (Gross Value Added) of untapped growth on the table in 2018, according to new figures and research from Grant Thornton UK LLP.

The Planning for Growth – Don’t Let Uncertainty Hold You Back research finds that if the region’s firms follow the growth strategies characterised by the UK’s Growth Generators that are achieving significant and sustained growth, then they could inject as much as £8 billion GVA into the regional economy by the end of 2019.

The study analysed the country’s Growth Generators – businesses that have grown by 20 per cent or more in the last year and achieved sustainable growth for the last three years – and reveals these firms are almost five times more likely to achieve one-to-two year growth targets than the rest of the market, and almost ten times more likely to realise their growth ambitions than low to no growth companies.

“Latest ONS figures show that the East Midlands generated £101.5 billion GVA to the UK economy in 2016, an increase of over 20 per cent from the £83.2 billion generated in 2010,” said Fiona Baldwin, practice leader of Grant Thornton’s office in Northampton.

“However, despite the East Midlands contributing the equivalent of six per cent of the UK’s GVA in 2016, our research identified that just four per cent of Growth Generators are based in the East Midlands, meaning the proportion of Growth Generators in the region is falling behind neighbouring regions such as the West Midlands, the South West and Wales; though is ahead of the East of England.

“Given the strengths of the East Midlands, as well as its economic contribution and increasing performance, there are clear opportunities to grow.

Private sector businesses can take a leading role in realising the region’s huge growth potential and therefore, a high-performing private sector will be a significant driver of growth in the East Midlands.

“In fact, our latest East Midlands Top 200 Report (2017) shows a similar picture, finding a relatively small proportion of East Midlands companies are consistently experiencing sustained levels of growth.”

For the full report Planning For Growth – Don’t Let Uncertainty Hold You Back visit grantthornton.co.uk/planningforgrowth