With more government support medium-sized businesses (MSBs) could deliver a £50 billion injection to the UK economy, according to new research.

A study by accountants Grant Thornton and the Centre for Economics and Business Research (CEBR) shows that MSBs contributed £262 billion to UK coffers this year.

On many measures, this demographic of businesses outstrips its smaller and larger counterparts. For example, capital investment was 3.4% among the firms, compared with 2.4% and 2.8% respectively.

Salary growth was 2.3% compared with 2.1% for small firms and 2% for large ones, while average profits increased 4.9% compared with 4.4% and 3.8% growth in small and large businesses.

Expectations for 2015 were better too, although flat turnover and falling productivity were identified as two key areas that should be addressed by ministers next year.

“These results should raise a flag to the government that more needs to be done to support these businesses,” said Scott Barnes, CEO of Grant Thornton UK.

“Our forecasts show there is a wealth of potential yet to be unlocked from MSBs, but they need to be fully acknowledged and enabled by the government, to realise this.

“From our on-going discussions with government and policy makers we know that this work is beginning to gather pace, and would call for even more focus and support for this engine room of the economy.”