UK’s digital businesses growing 32% faster than rest of economy
Tech City UK's latest survey reports that digital companies generate annual turnover of £161bn and employ over 1.56 million people
The turnover of the UK’s digital businesses is growing 32% faster than the national average of other sectors in the economy, according to the latest Tech Nation 2016 report by Tech City UK.
The survey of 2,000 digital businesses revealed that the UK’s digital companies generate combined annual turnover of £161bn, with average salaries for digital roles 36% higher than the national average at £50,000.
The UK’s digital sector now employs over 1.56 million people across the country, thanks to a growth in jobs of 11.2% between 2011 and 2014. A total of 41% of these jobs exist within non-digital industries such as the public and financial sector.
Furthermore, digital salaries were also found to be growing faster than the local average in 80% of tech clusters around the UK.
Prime minister David Cameron commented: “Britain’s world leading tech sector gives us a competitive edge that is not just transforming our daily lives but also our economy. Tech is transforming the way we do all kinds of business.”
Eileen Burbidge, Tech City UK chair and partner at Passion Capital, added: “
“The UK’s credentials as a home for digital excellence have been well established, and now Tech Nation 2016 provides a new level of insight into the impressive productivity of our digital economy – driving growth across all sectors and regions of the country.”