The UK has created 45,000 new tech firms since 2010Comments Off on The UK has created 45,000 new tech firms since 2010
A new tech company was born in every hour of the past five years in Britain, a new report has revealed.
That rate adds up to a 31% increase in the number of tech-related business in the private sector and a net gain of 45,000 firms since 2010, according to KPMG’s latest Tech Monitor UK survey, carried out by KPMG.
London was the most prolific, with 31 out of the capital’s 33 boroughs boasting a higher proportion of start-ups than the national average.
Westminster and Kensington & Chelsea were the exceptions.
Across the rest of the UK, 63 local authorities have seen a double-digit rise in the number of tech firms since 2014.
“We can’t take this for granted and it is important we see the Tech Sector be prioritised by government.”
The growth of tech sector enterprises is double that of all private sector enterprises over the same period (16%), according to KPMG.
“Since the end of the financial crisis, we have seen a UK Tech sector that has delivered six years of continuous growth and created jobs at a faster and higher rate that the rest of the UK economy,” said Tudor Aw, partner and head of KPMG’s Technology Sector.
“Crucially, this growth has occurred throughout the UK. We can therefore be justly proud of the Tech scene and be optimistic for the future of what must be a key sector for the UK,” he added.
However, the survey also indicated a slight deterioration in profitability across the industry.
According to Patrick Imbach, head of KPMG’s high growth technology group, based in Shoreditch, the government should prioritise help for tech businesses.
“Although we have seen the number of Tech enterprises grow by a third since 2010, double that of other private enterprises, we can’t take this for granted and it is important we see the Tech Sector be prioritised by national and local government,” he said.