United Kingdom digital technology sector still outpacing the rest of the economy

United Kingdom digital technology sector still outpacing the rest of the economy

The Tech Nation 2018 report also revealed the rise of the UK's silicon suburbs and tech towns, where the digital sector is growing fast in urban areas not usually associated with start-ups and tech businesses.

The UK was in the top three countries for total capital investment in digital tech companies previous year, behind only China and the USA, according to the Tech Nation annual report.

Tech Nation has revealed the UK's tech sector is expanding 2.6 times faster than any other industry, with it worth an estimated £184 billion, up by £14 billion compared to a year ago.

Locations of larger tech companies may explain some of these findings.

According to the Tech Nation Report 2018, the United Kingdom digital tech sector is worth almost £184bn to the economy, a rise from £170bn in 2016.

"These clusters are attracting more digital tech businesses, which is important for local economies given that the digital tech sector is growing 2.6 times faster than the United Kingdom economy". Meanwhile Bristol was revealed to be the most productive local tech ecosystem, producing £320,000 per employee.

Tech Nation's 2018 report also reveals that the digital sector's workforce is older than commonly perceived and more ethnically mixed than the average United Kingdom workplace.

He described another piece of tech that is being created by a Christian: "I was having a coffee with someone a month ago and they started telling me about a product they're working on called "redeem network" and that's something within the Kingdom Code community, looking to help us give well to homeless people, give responsibly to homeless people and knowing that that money is going to be used well".

"Tech Nation 2018 not only highlights the underlying strength of our digital economy but also emphasises its huge potential", digital secretary Matt Hancock said. The sector is growing faster and providing more high-paying jobs than the wider economy. London is the world's second most connected hub after Silicon Valley. They are a hotbed of innovation, creativity and entrepreneurial spirit. "We need to make the most of that, as our new relationship with the European Union will undoubtedly force us to be even more adaptive, innovative and ambitious", he concluded.

The report identified 16 towns that are showing a higher proportion of digital tech employment than the United Kingdom average. "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", he said.

Brexit is often cited as a potential threat to the tech sector, and a survey of 3,428 people involved in digital tech revealed that the only places in which Brexit is cited as a top three challenge are Cambridge and London. Some 83% of clusters are affected by access to talent, making that the most common challenge. London-based startups have the fourth most worldwide workforce in the world, with only Singapore, Berlin and Chicago having a higher proportion of overseas workers.

Suranga Chandratillake, partner at Balderton Capital said: "The UK is a leader in technologies like artificial intelligence and blockchain".

Around 15pc of those in digital tech jobs are from a black, Asian or ethnic minority background, significantly higher than the 10pc across all United Kingdom jobs.

The report said United Kingdom entrepreneurs were optimistic about the future of the UK's digital tech sector, with 70% of respondents expecting the number of digital tech businesses in their local area to rise over the next 12 months.

Related Articles

  • Reasons Why season 2

    Reasons Why season 2

    Mental health campaigner Mike King said the show carried important messages. "Thank you so much for talking to me, '" Li said. He added: "There was conversation around these issues that wasn't happening before".
    Amazon feels squeeze as Google and Apple make gains — Echo smart speaker

    Amazon feels squeeze as Google and Apple make gains — Echo smart speaker

    The third and fourth position is held by Alibaba and Apple respectively. All three did not have a smart speaker to ship the previous year.
    Samsung Galaxy J6 with Infinity Display India launch confirmed for May 21

    Samsung Galaxy J6 with Infinity Display India launch confirmed for May 21

    Ahead of May 21 launch, the Galaxy J6 had leaked in the form of renders, revealing its key features and specifications. Samsung refrained to disclose any more features of the device to keep the fans curious till the launch date.
  • Tillerson warns US democracy at risk

    Tillerson warns US democracy at risk

    Tillerson was criticized for his failure to fill rank-and-file jobs, his perceived aloofness and failure to maintain alliances. Tensions seemed to mount over disagreements on how to handle the threat of nuclear proliferation in North Korea and Iran.

    BHP Billiton (BLT) Stock Rating Reaffirmed by JPMorgan Chase

    To measure price-variation, we found BHP's volatility during a week at 1.19% and during a month it has been found around 1.46%. According to their observations and findings, the stock could provide a high EPS of $0/share and a low EPS of $0/share.
    Massive police response reported at Las Vegas mall

    Massive police response reported at Las Vegas mall

    Police evacuated the mall and conducted three searches, but could not locate the person, he said. Las Vegas police and fire departments did not immediately respond to calls from Fox News.
  • Yanny Or Laurel? The White House Weighs In!

    Yanny Or Laurel? The White House Weighs In!

    "If you turn the volume very low, there will be practically no bass and you will hear Yanny ", a Reddit user wrote confidently. Their input comes after the likes of Chrissy Teigen and Ellen DeGeneres - who both heard laurel - gave their say.
    Steven Spielberg and Leonardo DiCaprio Could Be Teaming Up Again

    Steven Spielberg and Leonardo DiCaprio Could Be Teaming Up Again

    The Hollywood star and director are said to be in early discussions about working on a biopic of former US President Ulysses S. As for DiCaprio, he hasn't been in a movie since 2015's The Revenant , for which he won his first Oscar .
    Watered-down version of Mets swamped by Blue Jays

    Watered-down version of Mets swamped by Blue Jays

    The Blue Jays rotation has struggled a little bit but Aaron Sanchez has been their best pitcher with a 4.08 ERA. The Blue Jays have gained 1.3 units and are 11-13 ATS when facing a right-handed starting pitcher this season.
  • EU TO Defend Firms Against US Iran Sanctions - Macron

    EU TO Defend Firms Against US Iran Sanctions - Macron

    President Donald Trump-branded the agreement as "the worst deal ever" and announced on May 8 the United States was pulling out. The EU has discussed instituting a so-called blocking statute, which would shield European companies doing business with Iran.
    Steam Link App for Android released

    Steam Link App for Android released

    Steam Link originally launched in 2015 as a hardware peripheral that could stream Steam content from a PC to a TV set wirelessly. You'll even be able to adjust the settings for better performance quality from the advanced settings menu option.
    You can now access Google Play Movies content via Google Home

    You can now access Google Play Movies content via Google Home

    Both products are now optimized for Google Assistant which means that they have proper integration with the AI assistant. Android Police reported on Thursday that Sony is bringing Assistant support to the WH-1000XM2 and WI-1000X models.