UK tech sector outpacing all other areas in the economy

A new report by Tech Nation shows that the UK tech sector continues to significantly outpace the wider economy, showing the turnover of tech companies increasing in the period of 2016-17 by 4.5%, while the entire country’s GDP only saw a 1.7% increase for the same time.

The report concludes that the UK’s tech sector has managed to grow 2.6 times faster than the rest of the economy, constantly offering new positions and holding future prospects, it rose five times the rate of any other sector in the economy.

Aside from silicon hotspots like London, there also ‘silicon suburbs’, according to the report. These tech towns aren’t normally associated with businesses or startups, but are still thriving voraciously nonetheless. Places like Swindon, Livingston and Newbury are making waves in the tech world, innovating geographical perceptions of ideal business locations.

Digital Secretary Matt Hancock had this to say about the report’s comments: “Tech Nation 2018 not only highlights the underlying strength of our digital economy but also emphasises its huge potential. Our world-leading tech firms are growing fast and creating the high-skilled, high-paying jobs of the future.

“They are a hotbed of innovation, creativity and entrepreneurial spirit. 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.”

Growing concerns over the tech sector’s autonomy and financial strength have pushed otherwise more traditional companies to innovate and integrate tech into their business models, hoping to not lose out on the exponential rise delivered and perpetually promised for tech companies.