UK Internet Economy leads World
Proof, if it were needed, that the UK is leading the never-ending online race came courtesy of the Boston Consulting Group (BCG), this weekend. The BCG report found that the internet contributed 8.3% (£121bn) towards the UK economy in 2010 at a per capita spend of more than £2000, making it a more lucrative sector than education, healthcare or construction. The report also found that the UK was carrying out more e-commerce transactions than any other major economy. 13.5% of all purchases were made over the internet in 2010, a figure which BCG expects to rise to 23%, by 2016. Across the G20, Germany made 7.1% of its purchases online, while the USA and South Korea managed 5% and 6.6%, respectively. BCG reckons that the UK web economy will grow at 11% each year, for the next four, reaching a total value of £221bn. When you consider that China is expected to experience year on year growth of 6.9% and the USA 5.4%, it becomes clear what a remarkable job the UK is doing of adapting to and profiting from cutting-edge technologies. Small and medium-sized UK companies like Ve Interactive, who use the digital space for marketing, sales and contact with customers and suppliers, grew at a rate of 12% in 2010, while those that weren’t making much use of the internet averaged 4%. It’s not rocket science, folks! The UK Government has been pro-active in developing the country as Europe’s most effective incubator of digital industries, and it’s paying off. East London’s Tech City, the area to which Ve Interactive recently moved, is becoming a centre of excellence for the online industries and looks set to continue its exponential growth. Ve Interactive is a truly global enterprise, but we’re proud to have our roots right here in London’s Tech City, and we’re proud to be contributing to the UK’s burgeoning internet economy.