Tech sector outpacing rest of UK economy

The UK tech sector is growing faster than any other point since the financial crisis began in 2007.

The boost to British tech was announced as part of  the lastest KPMG Tech Monitor Survey, which revealed  tech companies currently have a positive outlook on the future.

Almost two-thirds of companies who responded to the survey expect a solid year ahead for business activity and more than 43% also declared an intention to hire more staff.

Return of the IPO?

Tudor Aw, Head of Technology at KPMG, believes that the UK tech sector is “firing on all cylinders”.

For the first time since 2007, there is also a welcome upturn in Tech IPOs which hopefully signals the beginning of a comeback of Tech companies to the London Stock Exchange, something that will be important in convincing tech start-ups that the UK is the right place to be.

We have already seen a number of tech companies float on the London Stock Exchange this year.

Zoopla floated for over $1.5bn and takeaway company Just Eat saw share prices soar on the first day of trading.

More good news

It was also recently announced that European startups raised their highest total of VC funding in over a decade.

British companies made up the biggest portion of that funding, raising 28% of the total funds.