UK has biggest Internet economy in G20

Contributes an 8.3% share to the British economy, more than healthcare or construction sectors
Darren Allan

March 19, 2012
internet

We’ve pretty much become acclimatised to dour economic news over the past few years, since the credit crunch took a stranglehold on our country (and the rest of the globe).

So it’s good to hear some more positive news, namely that in the tech sphere, the UK’s internet economy isn’t faring nearly as badly as the real one.

In fact, the UK’s net economy is booming, and according to BBC News report, it contributes an 8.3% share to the British economy – that’s a larger share than any other G20 nation.

The Beeb cited a report from Boston Consulting Group which showed that the internet economy was worth some £121 billion in 2011 – bigger than the healthcare, construction and education sectors.

The value of the net economy is measured by totting up not only the amount of money spent on online shopping, but the cost of going online, and both business and government investment in infrastructure.

The UK’s figure of 8.3% is far more than the average of 5.3% for developed nations, and growth is set to continue to spur the sector on in the future. Boston Consulting Group reckons that inside four years, the UK’s net economy will have expanded by another 50%, reaching 12.4% in total.

By that time, online shopping is expected to make up a quarter of all shopping in this country.

One of the elements of policy the government has certainly got right is the emphasis on pushing for a better broadband network across the country. Let’s just hope the cash keeps coming, and the spending and implementation of infrastructure improvements doesn’t go awry.






 

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