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British tech firms reveal record levels of investment

(Image credit: Image source: Shutterstock/violetkaipa)

The UK tech sector has received more foreign investment in the first seven months of this year than all of last year, new figures are showing.

According to figures from Tech Nation and Dealroom, the country has seen $6.7 billion in investments ending with July this year. For the same period last year, we’ve seen $4.7 billion in investments, or 43 per cent less. Looking at the figures in sterling terms, the percentage jumps to 50, given that the dollar has gained strength against the pound in the meantime.

The report says that the UK has overtaken the States, in terms of amount of investment per capita, “a clear sign of confidence investors have in UK tech”.

Most money (55 per cent) had come from investors in the States and in Asia - some $3.7 billion.

"These fantastic figures show the confidence overseas investors have in UK tech with investment flows from the US and Asia at an all-time high,” says Nicky Morgan, secretary of state for Digital, Culture, Media and Sport.

"We have a longstanding reputation for innovation and the statistics endorse our reputation as one of the best places in the world to start and grow a digital business."

It seems as foreign investors aren’t as worried about the effects of Brexit as UK firms are, as recent reports suggest that the number of jobs in the UK’s IT industry has dropped 13 per cent year-on-year, something Brexit is blamed for.