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Exploiting the full potential of technology could boost the UK economy by £50 billion over the next 5-7 years. The growth it represents is of particular importance at this time when all eyes are focussed on achieving private sector business growth, in the wake of public sector spending cuts announced in the spending review.
US multinational firms are on average 8.5% more productive than UK domestic owned firms, and almost all of this difference is due to the higher productivity impact of their use of ICT.
Why you need to know more about exploiting technology
- The IT & Telecoms industry GVA contribution amounts to 9% (£81 billion) of the UK’s economy.
- The internet contributes an estimated £100 billion to the UK economy (7.2% of GDP).
- There is considerable evidence of a large impact of ICT on firm productivity among both US and European firms.
- In terms of the highest levels of % change, output in IT services has been and is forecast to remain the highest of all UK sectors.
- Firms in London and the South East alone could generate an additional £23 billion GVA through optimisation of ICT.
- Excluding London, firms in the UK’s city-regions could generate an additional £10 billion GVA though optimisation of ICT.