The UK is the leading destination in Europe for investment, global tech companies and start-ups, according to a new report from the Computer & Communications Industry Association (CCIA).
The study found the digital economy and online retail support £227 billion in economic action, with the UK’s digital sector adding a further £113 billion in gross value to the overall economy, supporting 1.6 million jobs.
The digital sector provides over 2.6 million jobs with an average annual pay of £45,700, 37 per cent more than the UK average, according to the report.
In 2022, the UK tech sector made $30 billion in venture capital investment, being the third largest amount in the world, bringing in investments from global tech giants such as Amazon, Google and Microsoft.
CCIA chief economist and research centre director Trevor Wagener commented, “These findings reveal that the UK’s robust tech sector doesn’t just benefit the companies at the top – its success contributes massively to the country’s workers, businesses of all sizes, and the wider economy across the UK,”
The CCIA highlighted that the UK government’s digital efforts have been a key success over recent years. According to the report, globally the UK is one of the most digitally advanced governments.
Andy Ward, VP International for Absolute Software, commented: “The UK’s emphasis on technology in recent years has been a collaborative effort between Government, regulators and industry to harness innovation and compete on the world stage. It is excellent to see the UK’s technology drive position them as the leading European hub, especially despite economic uncertainty.”
“In particular, the cybersecurity industry has played a central role in the UK technology sector, working through the NCSC, ICO and Government to protect the nation against state-sponsored attacks, supply chain risk, and the rise of AI-enabled threats. The UK’s policy of resilience has been a key enabler for the tech sector to continue innovating safely and consequently a huge boost for the digital economy.”
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Report finds the UK is Europe’s most “advanced digital economy”