UK leads G20 countries in tech, as start-ups and SMEs drive economy

A new report from the London Stock Exchange Group has revealed the continuing strength of Britain’s SMEs, with over 1000 UK start-ups growing at over 50% a year between 2011 and 2015.

The report titled ‘1000 Companies to Inspire Britain’ highlights how 78% of these firms are based outside of London, with 80 start-ups located in the West Midlands region.

‘1000 Companies to Inspire Britain’ is an annual celebration of some of the fastest-growing and most dynamic small and medium-sized enterprises (SMEs) in the UK. As well as identifying 1,000 companies, the annual report examines in detail the opportunities and challenges facing SMEs and looks at the sectors and trends that will shape the future of the UK economy.

Tech and digital businesses were found to make up 12.4% of the UK economy, the highest proportion in the G20 set of nations, with 1.46m people currently employed in the UK tech and digital industries.

The report notes that “the UK tech sector has been growing fast than any other part of the economy for several years, with the number of tech-related companies rising by 31% since 2010. That is equivalent to 45,000 new businesses, or one company every hour of every day for the past five years.”

These findings are demonstrative of confidence in the sector which is at an all-time high, with tech bosses predicting steady growth for the coming year where “investment in new technologies, from 3D printing and robots to nano-technology is enhancing the manufacturing sector.”

In his introduction to the report, the Chancellor George Osborne said: “UK high-growth businesses are leading the charge in rebuilding our economy. These companies are the backbone of the British economy. They create high-quality, well paid jobs, innovate and drive economic growth. This government fully understands the need to support ambitious entrepreneurs and ensure they can access the finance they need to grow.

To read the report in full, please visit: http://www.lseg.com/resources/1000-companies-inspire-britain

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