UK companies can look forward to a boost of millions if they make the most of the right digital technology.
Virgin Media Business has produced a report claiming that businesses in London in particular could see a massive boost. The company’s research, which was backed by the government, estimates that UK companies could benefit to the tune of £92bn by opting for the best business broadband and other digital technology.
This boost could be as high as 2.5% of the country’s GDP and see over one million new jobs created in a variety of industries within a couple of years. Over the last year it is estimated that around £123bn in revenue has been created as a result of the advances in digital technology.
London businesses will account for more than half of the estimated £92bn due to the large number of startups and strong technology companies based there; however, it is thought that a number of other areas will not be far behind the capital. Scottish businesses are looking forward to an increase in revenue of more than £10bn and businesses in Wales, the North West and the South East could also see a significant rise.
Small businesses stand to gain the most from the newer technology, although the benefits will apply to businesses of all sizes. Ed Vaizey, the digital economy minister, has confirmed that the government is going to continue to work with digital media companies to ensure that the technology is available to as many businesses as possible.