UK mid-market business growth hits 22-month high in September, NatWest says
NWG•NatWest’s tracker showed UK mid-market business activity rose to 56.2 in September from 52.4 in August, its fastest growth in 22 months. Services led at 57.0, while the SME index improved to 49.8 but remained below the 50 growth threshold.
1. Activity accelerates
NatWest’s tracker showed UK mid-market business activity grew at its fastest pace in 22 months in September 2026. The index rose to 56.2 from 52.4 in August, staying above the 50 growth threshold for a third consecutive month.
2. Services lead expansion
Services registered an index reading of 57.0, compared with 52.2 for manufacturing. The SME activity index improved to 49.8 from 47.8, signaling near-stabilization while remaining below the growth threshold. Mid-market hiring reached its strongest pace in 22 months, though rising fuel and wage costs threatened the recovery.
