Untapped tech adoption could boost UK economy by £232bn annually
Accelerated digitalisation of British small and medium firms would inject £448bn into the UK economy, according to fresh research from Sage.
With small and medium businesses’ (SMBs) tech usage currently contributing £216bn to the UK economy, the FTSE 100 firm found that SMBs could add an extra £232bn if technology was fully utilised across the country.
SMBs are a key part of the UK’s economy, representing 61 per cent of UK jobs and 52 per cent of UK turnover.
Sage is calling on big tech companies and government to adopt a pro-tech, pro-enterprise approach and deliver improved financial incentives to encourage greater investment in productivity-enhancing technologies, more data sharing so SMBs can innovate.
Commenting on the research, chief exec of Sage Steve Hare said: “Digitalisation amongst SMBs represents a significant opportunity for the UK in terms of economic contribution, job creation and the upskilling of the workforce, which cannot be overlooked.
“But we need to help businesses take full advantage of the strength of technology; to do this, the government must prioritise the incentives needed to encourage further investment”, he added.