The UK’s digital technology sector is still outpacing the rest of the country’s economy.
This is according to a new report by Tech Nation, which found that technology companies’ turnover for the period of 2016-17 grew by 4.5 per cent. In comparison, the entire country’s GDP grew by 1.7 per cent in the same time.
Tech Nation concludes that the tech sector has grown 2.6 times faster than the rest of the economy. Looking at new jobs creation, the figures are even bigger. Jobs in the tech sector rose five times the rate of the rest of the economy.
The report also says that, aside from the silicon hotspots like London, there are also ‘silicon suburbs’, or tech towns. These aren’t usually associated with startups and businesses, but are still thriving nonetheless. These include places like Swindon, Livingston or Newbury.
"Tech Nation 2018 not only highlights the underlying strength of our digital economy but also emphasises its huge potential. Our world-leading tech firms are growing fast and creating the high-skilled, high-paying jobs of the future,” commented Digital Secretary Matt Hancock.
“They are a hotbed of innovation, creativity and entrepreneurial spirit. This is a huge success story, and we are working hard to make sure the benefits of digital technology reach every corner of the country as we build a Britain that is fit for the future.”
The full report can be found on this link.
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