Tech firms expect to grow four times faster than GDP this year, according to new research by Barclays’ Technology, Media and Telecoms team.
The survey of UK tech firms, which had seen growth in 2014, saw that the average respondent expected to grow by 11 percent over the course of the year, more than four times the UK’s GDP forecast for 2015.
58 percent of those surveyed expect their business to grow by up to 10 percent, while 18 percent expected growth of between 10 and 20 percent. 9 percent of respondents expected business growth of over 20 percent.
Sean Duffy, Managing Director and Head of Barclays‘ Technology, Media and Telecoms team, said: "These remarkable growth predictions reveal the optimism and drive of the UK’s world-leading tech sector. The fact that many firms are expecting further growth in 2016 shows that this trend isn’t transient and the UK is a real launch pad for innovative tech businesses.
"Investors are seeing the UK as an international talent magnet and a platform to grow or launch their business for a number of compelling reasons, including the culture, light-touch regulation, supportive Government policies and access to finance."
Meanwhile, 46 percent of tech businesses stated that the government provides sufficient support in enabling them to grow, with this number rising to 55 percent for smaller, faster-growing firms.
