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Let me start by congratulating Tech City UK on another superb report. Tech Nation is a comprehensive and very well regarded analysis of the state of this country’s digital economy. This is the third annual Tech Nation report, and already it is established as an invaluable resource.
It follows hot on the heels of the Government’s Digital Strategy and is a shining example of why we are committed to backing these industries.
Boosting our digital economy is key to creating the high skilled, highly paid jobs we want to see, as the report shows.
What the does Tech Nation 2017 show us about the state of the UK digital economy? UK tech workers earn 44 per cent more than non-tech workers; the digital economy is growing twice as fast as the wider economy; and well-paid jobs are being created right across the UK. We have 1.6 million digital tech jobs altogether, with particularly strong wage growth in Newcastle, Leeds, and Sheffield.
Investors from around the world put £6.8 billion into UK tech – over 50 per cent more than any other European country.
This combination of highly paid jobs and inward investment is why digital sits right at the heart of the Government’s Plan for Britain – to deliver a country that is stronger, fairer, more united, and more outward-looking than ever before.
Tech Nation 2017 shows that digital investors have confidence in the whole of the United Kingdom. Money is pouring in from around the world, and our task is to spread it around even further. Major decisions by companies like Snap and Apple show that Britain is the place to do business. But so too does the flourishing of smaller companies. And we want to see more of both.
Tech Nation 2017 chimes perfectly with what the Government is doing.
I note the report’s six recommended areas of focus for “forging the future”: Skilling up for digital businesses; Gender diversity in the sector; Access to finance, at every stage of growth; Boost digital connectivity; Attract the best and brightest global talent; and Physical spaces for company formation and growth.
We could not agree more. Let me tell you how the Digital Strategy will help to deliver these.