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February 6, 2020

Digital Sector Now Accounts for 7.7 Percent of the UK’s Economy

"We must also pursue an independent trade policy that has digital at its heart"

By CBR Staff Writer

The digital sector is experiencing a massive boom as it now accounts for 7.7 percent of the UK’s economy as a whole.

This is according to the Department for Digital Culture Media and Sport (DCMS) which has released government figures that state that the digital sector contributed £149 billion to the UK economy in 2018.

The figures highlight an exponential growth of the industry in the last five years as it has overtaken the economic growth of the economy.

Digital Minister Matt Warman commented in a release that: “Technology is a sweet spot of our economy, bringing jobs and wealth across the country. The success is thanks to our business friendly environment and fantastic workforce. We are working hard to continue this momentum by strengthening regional tech clusters supporting digital businesses and investing in people’s digital skills.”

Digital Sector

Figures also released today show that the creative industries have contributed more than £111 billion to the UK economy in 2018, the equivalent to £306 million every day.

This figure was reached because of large contributions to the economy from tech services and media production industries.

Julian David, CEO of techUK commented on the Government digital sector figures that: “Today’s figures show that the UK’s digital sector continues to be the UK’s modern success story. techUK wants to see these successes felt in every community up and down the country, levelling up on skills, investment and opportunities.”

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“To guarantee the UK’s future as one of the world’s most significant digital economies it is vital that we act now to ensure that people have the skills to take advantage of what is a huge growth sector. We must also pursue an independent trade policy that has digital at its heart whilst cementing our close collaboration with our European friends and partners.”

See Also: Skills Matter to Relaunch, With US Investment

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