The Information Technology (IT) sector is one of the few areas of the British economy that is expected to experience job growth throughout 2012. The main driver of this growth is the UK’s online industry, as a new report shows that consumers and companies in Britain have embraced the internet in a more profound way than anywhere in the world.
The report, ‘The Internet Economy in the G-20:The $4.2 Trillion Growth Opportunity’ was produced by the Boston Consulting Group (BCG), a leading international management advisory company based in the United States. The report reveals that the UK’s web economy was larger as a percentage of GDP than any country in the G20 group of nations. According the BCG, the internet accounts for 8.3% of the UK’s GDP and contributes £121 billion to the economy.
The BCG report focused on the rapid acceleration of the internet and the central role it will play in world economies in the future. In just four years time, the internet economy in the G20 will be worth $4.2 trillion and Britain’s early adoption and skills in e-commerce will leave it well placed to compete on a global level. As a result, the IT sector is likely to continue to see increasing jobs growth.
It is certainly a lesson that the government has taken on board. In his recent budget, the Chancellor of the Exchequer, George Osborne stated his intention to ‘turn Britain into Europe’s technology centre’ and announced that £100 million would be allocated to providing ultra-fast broadband in Britain’s ten largest cities.