11 May Tech sector growing faster than UK economy with 72pc of investment outside London, report says
Theresa May has described the technology industry as a “great British success story” after a report revealed that investment in digital businesses spread across the country last year.
Expanding its reach beyond London, 72pc of venture capital and private equity investment went to regional businesses in 2016, amounting to £9.2bn, according to the third annual Tech Nation report.
The report revealed the UK leads in Europe, attracting £28bn in technology investment since 2011, compared with £11bn in France and £9.3bn in Germany.
With talent and investment pouring into the sector, it has grown to be a major contributor to the UK economy. The digital economy, which is growing at twice the rate of the wider economy, now contributes around £97bn a year, up 30pc in five years, according to the report.