UK tech continues to exceed growth predictions

Tech Nation report suggests the UK is only behind the US, China, and India when it comes to investment

World economy

The UK's technology sector continues to exceed all expectations when it comes to growth, according to Tech Nation in its annual report.

The results show that Britain is a critical hub when it comes to global technology developments with the country having the highest scale-up tech investment in Europe and is only surpassed globally by the US, China and India.

For the first time, Tech Nation's report has considered the wider international landscape, looking specifically at international and national tech investment, areas of potential growth and related specialisms, talent hubs and more. It provides a comprehensive look into the evolution of the UK's tech ecosystem, exploring the drivers that underpin and power economic growth within the sector.

What's interesting is how well the sector performed, investment-wise, last year. In 2018, the UK managed to attract five percent of global high-tech scaleup investment, placing it fourth in the world - ahead of Germany, France and Sweden.

"The UK continues to exceed all predictions when it comes to tech growth. This report shows how the UK is a critical hub when it comes to global technology developments, with scale-up tech investment being the highest in Europe, and only surpassed by the US, China and India," said Tech Nation's CEO Gerard Grech. 

"This is a testament to the innovation, ambition and tenacity of tech entrepreneurs across the UK. These valuable findings will help inform how the UK as a nation can continue to foster competition and collaboration in an increasingly interconnected world."

These latest figures follow on from a report Tech Nation published in December that showed how much the UK's tech sector contributed to its economy. The digital sector now contributes 75% more to the economy than any other, with those working in digital roles earning as much as 10,000 more than those in non-digital positions.

That still seems the case with the UK proving to be a hotbed for tech talent, employing 5% of all high-growth tech workers, globally, placing the country ahead of Japan, France and Indonesia.

"This report confirms the UK is one of the world's leading digital economies, with some of the best minds globally working here and strong investment in the tech sector right across the country," said Jeremy Wright, the Secretary of State for Digital, Culture, Media and Sport.

The UK also has a high number of unicorns (businesses valued at $1 billion), with 35% of Europe's and Israel's having been created in the UK. However, the report contradicts recent findings from Tech London Advocates that suggested ongoing Brexit negotiations were damaging the country's tech reputation and putting investors off.

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