It’s no secret that the United Kingdom is one of the world’s leading digital economies and one of the top five digital governments from business and innovation magazine. Internal and external investment fuel growth in this sector of the economy.
The digital industry in the UK is valued £170 billion and employs approximately 1.64 million people. The number of jobs is increasing at twice the rate of traditional industries.Every hour, according to statistics, a new tech start-up opens in the United Kingdom.
Despite Brexit, a number of foreign internet companies (including Facebook, Google, Snapchat, and Spotify) have declared plans to expand their operations in the United Kingdom.In a recent statement on the draft budget for next year, UK Chancellor of the Exchequer Philip Hammond mentioned plans to invest £500 million in various innovative sectors (ranging from artificial intelligence to 5G technology), spend £540 million to support the electric car industry, and double the number of Exceptional Talent visas for foreign entrepreneurs looking to expand their businesses in the UK.Many large corporations in conventional sectors have moved their focus to innovative technical development, and new disruptive start-ups are seen as a benchmark for further development rather than competitors attempting to steal a piece of company.
For example, Barclays chief executive Jes Staley declared that Barclays is a technology firm during the launch of the new Rise London facility (Barclays Group’s flagship innovation centre and Europe’s largest fintech co-creation).More than 22,000 technology events were held in the UK last year, more than any other country.
There are events for every aspect of the technology business, including the largest multidisciplinary show, London Tech Week, which takes place every June (Ecommerce Expo, BETT, Fintech Week and so on).For example, Barclays chief executive Jes Staley declared that Barclays is a technology firm during the launch of the new Rise London facility (Barclays Group’s flagship innovation centre and Europe’s largest fintech co-creation).More than 22,000 technology events were held in the UK last year, more than any other country. There are events for every aspect of the technology business, including the largest multidisciplinary show, London Tech Week, which takes place every June (Ecommerce Expo, BETT, Fintech Week and so on).TechStars, Seedcamp, Level39 (InnovateFinance), Startupbootcamp, Collider, and Wayra are among the accelerators and innovation centers in London.London isn’t the only city in the UK with a thriving tech industry. The Golden Triangle (London, Oxford, Cambridge), Manchester, Bristol, and Sheffield, as well as Edinburgh and Northern Ireland, are all part of the UK’s innovation ecosystem.Outside of London, digital clusters drew more than £4.5 billion in investment in 2016.
TechCity UK and TechNorth, which were founded to coordinate the UK ecosystem of clusters, accelerators, and technology parks, are set to receive £21 million from the UK government.They will continue to function as a single TechNation entity. Several programs in the digital economy have been implemented in recent years. For example, the Connection Voucher Scheme and the Digital Marketplace (a platform for high-tech small entrepreneurs to market their ideas to government organizations) (a funding programme that has given over 40,000 small businesses access to high-speed internet).
R&D tax credits (a tax credit for research and development enterprises) and EIS budgets will be increased further (tax credits for investors supporting innovative start-ups).In terms of international business presence, the United Kingdom leads Europe. Many businesses from other nations, particularly Russia, consider the United Kingdom as a springboard for worldwide expansion.The United Kingdom is a key market for our sector, accounting for roughly 10% of the global genetic research market. It’s also a good starting point for further international expansion, such as into European countries, the United States, and Asia.