HSBC UK Corporate Tracker

The HSBC UK Corporate Tracker records the geographical distribution, sector focus, ownership models and acquisitions activity for the 14,290 largest UK firms. Collectively, this group is small, but mighty. Large companies represent just 0.39% of all active UK businesses yet employ 45% of the workforce.

The second edition of the HSBC UK Corporate Tracker comes at a turning point for UK businesses. Drawing on data from 2019-2024, we can see that debt levels have steadied, financial positions appear stronger and corporates are driving a sustainable but cautious hiring environment. The main takeaway being - the performance of the UK’s largest companies is critical to whether national ambitions for the sectors outlined in the UK Industrial Strategy are realised.

Our biannual monitor, covering 14,290 of the UK’s largest companies*, shows that these corporates - though just 0.4% of all active UK businesses - employ 45% of the workforce.

Their performance is not just a headline; it’s the backbone of the UK’s Industrial Strategy and a key driver of national prosperity.

Our Tracker’s regional analysis highlights where the action is. The North West, Yorkshire & the Humber, and the West Midlands are home to the largest numbers of fast-growing companies. Meanwhile, Wales, the East Midlands, and the North West have the highest proportions of corporates growing above the median rate - proof that growth isn’t just about scale, but also about local dynamism and sectoral clustering.

This first edition sets out the international nature of the UK business landscape. Drawing on data from 2019-2024, the paper explores how international investment in the UK’s large company base has evolved and what can be done to strengthen the UK’s standing as a destination for large corporations. The main takeaway being - British businesses must consider international expansion to secure growth.