New report highlights UK tech growth
London Stock Exchange Group report says tech businesses outperform all other sectors in generating economic growth and creating new jobs.
The London Stock Exchange Group focusing on high-growth companies launched the second edition of 1000 Companies to Inspire Britain, a landmark report identifying the UK's most exciting and dynamic small and medium-sized businesses. The report showcases 1000 scale-up companies, part of the 'vital 6%' that generate rapid economic growth doubling their revenue in the past four years and generating high-skilled and well paid employment. The report showcases a range of tech companies as examples of successful scale-ups in the digital space, from IT infrastructure design to digital advertising companies and big data centres. One of the stand-out findings of the report was that the tech sector has outperformed all other sectors in annual revenue growth 2010-2014:
Whilst exciting scale-up businesses can be found across all sectors ranging from the food industry to construction and creative industries, the vast majority of them are tech companies. Vince Cable MP, Secretary of State for Business, Innovation and Skills pointed out in the report:
"We have also sought to catalyse growth among the so-called 'vital 6%' - companies, which, irrespective of sector, are often technology-focused"
The report also highlighted the opportunities for employment generated by the tech sector:
Focusing on the importance of digital skills to fill these new jobs Chuka Umunna MP, Shadow Secretary of State for Business, Innovation and Skills commented in the report:
"We need this to begin in school, with the introduction of a new technical baccalaureate, before connecting young people to high-quality apprenticeships and then to new technical degrees for those who want them."
Further key findings from the report include:
- £12bn will be added to London's economy by tech firms over the next decade
- More than 75% of the 1,000 companies in the report were drawn from outside London.
- Cyber security is a growing sector, worth an estimated £3.4bn in 2017 up from £2.8bn in 2013
- In 2014, the tech sector experienced its strongest growth since 2007
This important report by the London Stock Exchange Group builds on the landmark Scale-Up Report by Sherry Coutu CBE and highlights the way in which that report has catalysed action on the scale-up agenda.
If you would like to find out more about techUK's work on scale-ups contact Charlotte Holloway, Head of Policy.
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