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Investment in digital technology will contribute hundreds of billions to UK economy

digital transformation
(Image credit: Image source: Shutterstock/Wichy)

With continued investment in digital technology, the UK economy could grow by hundreds of billions of pounds over the next two decades.

This is the conclusion of a new report from Virgin Media Business and the Centre for Economics and Business Research (Cebr), which asserts that the UK economy stands to gain an additional $323.23 billion (or 6.9 percent) by investing in technology.

Even if the UK sustains its current level of tech investment for half a decade, it will still make massive gains. By 2025, the report states, the country could boost its economy by $103 billion.

In terms of sectors, healthcare and social care could bring in almost $46 billion, slightly more than justice, central and local government, while retail could generate an additional $55.7 billion.

“After the toughest of years, the UK has a £232 billion opportunity ahead of it which we must now grasp with both hands,” said Peter Kelly, Managing Director of Virgin Media Business. “By continuing to invest in new digital ways of working, we can seize this moment and help UK businesses to bounce back better.”

“Moves to accelerate digital adoption are driving extraordinary outcomes across private and public sector organizations, helping them to revolutionize how they work, deliver for customers, and provide vital services for our communities. Through investing in our digital future we will support new growth, drive the UK economy forward and help the country to rebound stronger.”

Tech investments could also do wonders for employee productivity, the report concluded. Employees that take advantage of tech brought in to tackle the Covid-19 pandemic could see their productivity rise by almost 12 percent.