Tech companies are taking over
According to a recent report from government-funded advocacy body Tech Nation, the digital tech sector in the UK is currently booming.
Turnover of companies in the digital technology sector grew 4.5% last year, while GDP only increased 1.7%. This means that the nation's digital tech industry is now valued at £184bn and employs in excess of 1 million people – with employment rates dramatically increasing year on year.
UK tech towns
The report also revealed there are 16 “tech towns” that have a higher than average number of digital businesses within their boundaries, including Burnley in Lancashire, Livingston in Scotland and Enniskillen in Northern Ireland. These could prove to be highly concentrated areas for the next generation of tech startups.
A huge success story for the UK
Secretary of State for Culture, Media and Sport Matt Hancock said: “Tech Nation 2018 highlights the extent to which the digital tech sector is providing new energy to the whole economy. The sector is growing faster and providing more high-paying jobs than the wider economy. “This is a huge success story for the UK but we also want to make sure that the benefits of the digital tech boom are reaching every corner of the UK, so that we can build a Tech Nation that works for everyone,” he added.
Eileen Burbidge, partner at Passion Capital and Chair of Tech Nation, also commented: “From FinTech to HealthTech, self-driving cars and artificial intelligence, the UK’s digital tech sector is having an impact on every aspect of our daily lives and economy. “Tech Nation’s survey of the industry shows that confidence and optimism is high, but it is important for us to keep supporting this sector and give British companies the best chance they can to grow and scale,” she added.
Read more about the Tech Nation 2018 Report in the Information Age