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PwC: Tech is shaping the future economy

Mar 23
Tags: PwC
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PwC: Tech is shaping the future economy

Technology growth and innovation is playing a crucial role in shaping the future of the UK economy, PricewaterhouseCoopers (PwC) has said.

The professional services firm was responding to the Tech Nation 2017 report from Tech City UK, an organisation founded in east London seven years ago with the aim of supporting the development of the digital economy.

Based on analysis of more than 1,000 economic and business data points, thousands of survey responses and insights from community partners across the UK, the research concluded that the UK is the digital capital of Europe.

This was based on a comparison of the technology, investment, skills and collaboration opportunities on offer in the UK with those available in other European nations.

Last year, venture capital and private equity investment in digital tech across the UK reached a total value of £6.8 billion. That's more than France (£2.4 billion), Germany (£1.4 billion), the Netherlands (£1.3 billion) and Denmark (£1 billion) combined.

As far as business growth is concerned, the research revealed that turnover in the digital tech industry reached £97 billion in 2015-16, a ten per cent increase from £88 billion in the previous year.

There are now 1.64 million digital technology jobs in the UK. The rate of growth in these roles was more than double that in non-digital jobs between 2011 and 2015.

Responding to the research, Jon Andrews, head of technology and investments at PwC, said: "Today's Tech Nation report shows that technology is already helping to reshape and rebalance the future of our economy.

"For this to continue post-Brexit we need to prioritise creating the right environment for tech hubs and innovation to flourish right across the UK. It's encouraging that the government is prioritising tech investment through its Digital Strategy and the Budget."

Mr Andrews also emphasised the importance of a flexible regulatory environment, ongoing skills development and investment in emerging technologies.

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Image: chombosan/iStock

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