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UK hailed as Europe's most advanced digital economy
Tue, 16th Jan 2024

A new report from the Computer and Communications Industry Association (CCIA) has distinguished the UK as Europe's 'advanced digital economy.' The study indicates that Britain is in the top spot in Europe for investment, international technology enterprise presence and technology start-ups.

This research discovered that the digital economy and online retail support contribute GBP £227 billion to the economy, with the UK's digital sector providing an additional GBP £113 billion in gross value to the broader economy. This thriving sector supports an impressive 1.6 million jobs.

The report suggested that the digital industry provides over 2.6 million jobs with an average annual pay of GBP £45,700, which is 37% more than the UK average. In 2022, the UK tech sector achieved USD $30 billion in venture capital investment. This played a significant role in bringing in investments from global tech industry heavyweights like Amazon, Google and Microsoft.

Trevor Wagener, the Chief Economist and Research Centre Director of the CCIA, remarked on the importance of the digital economy: "These findings reveal that the UK's robust tech sector doesn't just benefit the companies at the top, its success contributes massively to the country's workers, businesses of all sizes, and the wider economy across the UK."

The CCIA report also commended the recent successful digital efforts made by the UK government. The research suggested that Britain is one of the most globally recognised governments for digital advancement. The progress made in the cybersecurity industry was highlighted as participating in a central role among the technological sectors, contributing significantly to the nation's technology drive and its standing as Europe's leading hub.

Andy Ward, VP International for Absolute Software, commented: "The UK's emphasis on technology in recent years has been a collaborative effort between Government, regulators and industry to harness innovation and compete on the world stage. It is excellent to see the UK's technology drive position them as the leading European hub, especially despite economic uncertainty."

He also emphasised that the cybersecurity industry has been pivotal within the UK technology sector, collaborating with entities like the NCSC, ICO, and the Government to safeguard the nation from state-sponsored attacks, supply chain risks, and the emergence of AI-related threats. The UK's resilience-focused approach has provided a foundation for the tech sector to innovate securely, thereby significantly benefiting the digital economy.

Ward said, "In particular, the cybersecurity industry has played a central role in the UK technology sector, working through the NCSC, ICO and Government to protect the nation against state-sponsored attacks, supply chain risk, and the rise of AI-enabled threats. The UK's policy of resilience has been a key enabler for the tech sector to continue innovating safely and consequently a huge boost for the digital economy."