The UK's £92 billion digital opportunity

Virgin Media Business has today released a report highlighting the huge potential of digital technologies to grow the UK's economy, compiled by Oxford Economics following interviews with executives at over 1,000 UK-based companies.

The report suggests there is the potential for a 2.5 per cent GDP boost to the UK economy thanks to digital technologies, as well as creating more than a million new jobs over the next two years.

Respondents said that they increased their revenues by 4.4 per cent and reduced their costs by 4.3 per cent in the past year as a result of going digital, generating an estimated £123 billion contribution to the UK’s economy, equivalent to 3.4 per cent of GDP.

In terms of jobs, 44 per cent of executives don't expect any jobs to become obsolete and, across the economy, companies anticipate hiring 1.1 million employees as a result of digital investments.

Peter Kelly, Managing Director of Virgin Media Business said: "Digital technologies are transforming the face of business and the wider UK economy, and it’s clear that all UK companies see the huge potential that digital has for growth. However, the incredible pace of change means there is no place to hide, or room to stand still. Any business with ambitions to grow through digital needs to invest in the right technology and skills, while the government and industry have to deliver the infrastructure and support to help them. Over the coming years we’re investing £3 billion to bring the fastest broadband to more businesses of all sizes, to help them seize the chance to become digital leaders."

The potential gains are spread throughout the UK, with digital opportunity being the greatest in London (a potential £48.5 billion boost), but business from Scotland (3.6 per cent revenue increase) and Wales, the North-West and South-East (3.1 per cent revenue increase) are catching up.

The full report can be found here.