Back in 2018, the UK tech ecosystem was valued at “only” $446 billion. However, a growth surge which occurred during the coronavirus pandemic propelled the British tech ecosystem by 42% towards the $1 trillion milestones.

As a result, the UK tech industry is now not only worth over twice as much as the German one but almost five times larger than its counterparts from France and Sweden. 

The British digital sector is expected to create almost 700,000 jobs over the next three years and to add £190 billion in value to the country’s economy.

“Our tech industry has gone from strength to strength, overtaking the rest of Europe and entering the history books as the third country ever to reach this milestone,” Digital Minister Chris Philp recently commented. 

“We’re working hard to make the UK the best place in the world to found, grow or float tech businesses – whether they’re early-stage startups or global innovators – ensuring they have the best talent, investment, and regulation to thrive,” he emphasised. 

In 2021, British tech companies managed to raise a record £29.4 billion. In the first three months of 2022, UK tech companies have already raised over £6 billion, with more than half of this sum (£3.3 billion) raised exclusively by fintech companies. 

Image: Unsplash

Author: Sébastien Meuwissen