Firms in UK tech sphere ‘outpacing those in other sectors by 32%’

growth

Digital businesses in the UK are growing 32% faster than the rest of the economy, according to a Tech City UK report released today.

The report, titled ‘Tech Nation 2016’, produced in collaboration with innovation charity Nesta and data partner GrowthIntel says that the digital tech economy has had a strong impact on employment across the country, accounting for 1.56 million jobs.

Jobs in the digital tech economy, the reports adds, increased by 11.2% from 2011 to 2014.

Additionally, the report says, the growth of digital business has resulted in highly paid employment opportunities, with the average advertised salary coming in just under £50,000 – 36% higher than the national average.

Eileen Burbidge, Tech City UK chair and partner at Passion Capital, said: “The UK’s credentials as a home for digital excellence have been well established, and now Tech Nation 2016 provides a new level of insight into the impressive productivity of our digital economy – driving growth across all sectors and regions of the country.

“Tech Nation 2016 will help to inspire the innovative and entrepreneurial spirit required for the UK to continue its growth as a Tech Nation,” she added.

Tech City UK is a government backed organisation tasked with accelerating the growth of digital businesses.

Commenting on the results, Prime Minister David Cameron, said:  “Britain’s world leading tech sector gives us a competitive edge that is not just transforming our daily lives but also our economy. Tech is transforming the way we do all kinds of business.

“Indeed, more than half of all digital jobs now aren’t in high-tech hubs of London or Leeds – they are in businesses of every description, in every sector. This Government will continue to back, with all levers at our disposal, the innovation, creativity and entrepreneurship that is redefining and strengthening the modern British economy,” concluded the Prime Minister.