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HSBC UK Corporate Tracker

February 2026

Ever wondered how the UK’s corporates shape the economy?

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HSBC UK Corporate Tracker February 2026 — front page preview

Our latest publication, produced in partnership with HSBC UK, examines the financial health and growth dynamics of 14,290 UK corporates.

The report explores how corporate clusters are forming around regional strengths, creating embedded supply chains and employment hubs beyond London.

Key findings:

Earnings outpacing debt — EBITDA now sits 70% above pre-pandemic levels, compared with net debt at 55% above 2019, signalling strengthening balance sheets across the corporate landscape.

Industrial Strategy alignment — Corporates account for around 70% of employment in advanced manufacturing, clean energy, life sciences and defence — sectors central to the UK’s economic strategy.

Regional growth is not uniform — New areas of corporate strength are emerging across the UK’s regional clusters. Financial and professional services are expanding in the North West and Yorkshire, drawn by cost advantages and operational depth. Scotland’s digital and technology growth is broadening across the major cities, pointing to a more distributed and resilient technology ecosystem rather than reliance on a single urban centre.

Inside the report

HSBC UK Corporate Tracker — corporate clusters and regional analysisHSBC UK Corporate Tracker — leverage and EBITDA trends

About the authors

  • Henry Whorwood headshot

    Henry Whorwood

    Managing Director

    Henry leads our Beauhurst Insights team, and is an expert on equity finance and high-growth business. He's worked on briefs for the likes of Barclays, SyndicateRoom, Innovate UK, Smith & Williamson and British Business Bank. He regularly gives presentations on market trends at events around the UK.

  • Callum Newton headshot

    Callum Newton

    Public Sector Lead

    Callum is the Public Sector Lead for Beauhurst Insights, responsible for leading on the team's public sector work. Before joining Beauhurst, Callum was a Senior Researcher at Westminster-based think-tank Onward focusing on 'Levelling Up' policy. He was also a Consultant in Portland Communication's specialist Litigation & Disputes practice.

  • Hannah Nicholls headshot

    Hannah Nicholls

    Senior Designer

    Hannah produces graphic design and data visualisation for the Beauhurst Insights team, and has accumulated over 11 years of experience within the design industry. In the last 4+ years, she has specialised in data visualisation and report design, focusing on creating bespoke reports for strategy and thought leadership.

  • Miraj Mistry headshot

    Miraj Mistry

    Senior Research Manager

    Miraj handles project management and data analysis for Beauhurst Insights. His previous role was with an economic consultancy who specialise in providing socio-economic research and analysis to support infrastructure and transport projects. He holds an MSc in economics from the University of Bristol and a BSc from the University of Leeds.

  • Freya Morten headshot

    Freya Morten

    Research Manager

    Freya manages research projects and data analysis at Beauhurst Insights. She recently joined the team, having previously conducted and led research at Grant Thornton and Mishcon de Reya across multiple service lines, industries and geographies. She holds a BA in Theology from the University of Oxford.

  • Justin Tsui headshot

    Justin Tsui

    Associate

    Justin handles data analysis and visualisation, as well as copywriting. Before joining, Justin graduated from Imperial College London, where he was awarded a MSc in Applied Biosciences and Biotechnology. He has also previously worked in consulting and academia.

  • Michael Breslin headshot

    Michael Breslin

    Data Science Manager

    Michael uses advanced statistical and econometric methods to provide clients with more in-depth, impactful, and novel analyses. He also automates processes by developing and implementing new analytics tools. Before joining Beauhurst, Michael was a data analyst at a policy organisation, where he researched innovation policy.

  • Evangeline Luckhurst headshot

    Evangeline Luckhurst

    Designer

    Evangeline produces graphic design and data visualisation in the Beauhurst Insights team. Prior to joining Beauhurst, Evangeline graduated from University for the Creative Arts, where she was awarded a BA (Hons) in Illustration and Animation.

  • Ruth Rimmer headshot

    Ruth Rimmer

    Associate

    Ruth worked as a Data Curator at Beauhurst for two years before joining the Beauhurst Insights team, where she now carries out data analysis, data visualisation and copywriting. She holds a BA in Anglo-Saxon, Norse and Celtic and an MA in Medieval Studies.

  • Tom Sharpe headshot

    Tom Sharpe

    Associate

    Tom performs data analysis and visualisation as well as copywriting for the team. Prior to joining Beauhurst Insights, he spent 2 years in the Data team, helping curate our dataset, with a specific focus on IPOs and Exits. Tom holds a BSc (Hons) in Sport and Exercise Science from Loughborough University and enjoys consulting on mental health research.

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