UK tech sector sees “unprecedented” growth
Trade within the UK’s tech and digital sector grew by 20 per cent between 2015 and 2016, according to official figures.
The Department for Digital, Culture, Media and Sport (DCMS), which published the report, found that the industry exported more than £39 billion in services in 2016, up from £32 billion in 2015.
This represents year-on-year growth of around 21.8 per cent – described by the DCMS as “unprecedented”.
Exports of physical goods within this sector, such as software and manufactured electronics and computers rather than computer programming, consultancy and information services, were also strong, according to the report.
The figures show that trade in this subset increased by 7.3 per cent over the same period, worth some £15 billion to the economy.
The report follows a recent announcement that the Government plans to invest almost £1 billion to support the sector through competitive tax reliefs and Government-funded research and development (R&D).
Digital Secretary Matt Hancock: “These new statistics show our tech sector is in demand from businesses and consumers around the globe, with exports up by a fifth. We are working hard to create the right environment for them to thrive and alongside the huge innovation of the private sector are determined to seize all the future opportunities technology will bring.”