THE INTERNET is an economic powerhouse that is driving the economy in London through jobs, businesses and output, new Internet Association analysis reveals today.
The new research by Internet Association highlights the value the internet brings right across the UK economy. Nationally, the internet economy contributes approximately 400,000 jobs, 80,000 businesses, and £45 billion in Gross Value Added to the UK’s Gross Domestic Product (GDP). These equate to about 1.2 percent of UK jobs, 3.1 percent of UK enterprises, and 2.3 percent of UK GDP.
The new research also gives, for the first time, a view of how important the internet economy is to London. IA, using a proprietary measurement approach, finds that the estimated number of internet sector jobs in this region is 92,000, the estimated number of internet sector businesses is approximately 21,000 and the estimated value-added generated from the internet sector is £11.5 billion.
Speaking about the new figures, Secretary of State for Digital, Culture, Media and Sport Nicky Morgan said: “These great new numbers demonstrate the strength of our tech industry and confirm the UK’s reputation as one of the world’s leading digital economies. In government we are working hard to maintain this success by helping entrepreneurs turn their ideas into business successes, investing in digital skills training and making sure we have a fantastic business environment.”
The findings showed:
UK Executive Director Daniel Dyball said: “These figures highlight the true value of the internet sector to communities in London. From Peckham to the City of London, the internet is a major economic engine in the region.”
The findings of the report also showed:
Dyball continued: “The positive figures and tangible benefits are only set to grow as technology develops, but the Government must ensure the UK has the right policies to allow the internet to thrive. We are keen to work with the new Government to make the UK one of the best internet economies in the world.”
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