Formidable growth in UK tech scene?
By Charlotte Walker-Osborn
I’ve read with interest recent details of research by Oxford Economics indicating a significant growth in London’s tech sector over the next decade. The study forecasts growth of around 5.1 per cent for the digital tech sector year on year over a 10-year period, bringing to London and the UK £12bn of revenue and creating potentially 46,000 jobs.
If the forecasts are to be believed, they are certainly to be welcomed. A great deal of the growth relates to financial tech (‘fintech’). The study sets out that London has more people than New York City or San Francisco working in fintech. The UK has been championing and promoting its skills in this area for many years and has a particularly strong complimentary financial and tech sectors and related skills. Bolstering UK skills with sensible immigration, in order to ensure the UK is one of the ‘go to’ places for skills in this area, should not be shied away from. Not only would the predicted dynamic growth bring invigorating and challenging jobs to Britain in terms of core tech jobs but the knock-on effect for the UK’s financial and services industries, key industries for the UK and for our capital, should not be underestimated.
Also, of note this month is a report/study from GP Bullhound. It suggests that 30 technology companies of $1bn (£587m) plus have been formed in Europe over the last 14 years. The study went on to say that 39 were created in the US during that time…
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