Bulletin

Companies could unlock £92bn of digital growth

Digital products - Unlock up to £92bn worth of economic growth - SantanderCB

A poll of executives has found that British businesses think they could unlock up to £92bn worth of economic growth a year by improving the way they harness technology, with up to 1.1m jobs created by the shift to new online structures. Companies of various sizes and industries are optimistic about the potential benefits of investing in new technology, though they expect London to draw in the lion's share of this growth spurt. According to the survey by Oxford Economics for Virgin Media Business, increased spending on digital capabilities could add up to £27bn to UK plc's revenues. But improvements in sales channels and lower costs, adjusted for the effect on corporate competition during the adoption of more digital services, could add £92bn a year to the economy, roughly equivalent to 2.5% of GDP. 'Companies tend to be somewhat over-optimistic when forecasting, but this figure nevertheless demonstrates a level of confidence in the potential of digital to create jobs,' the report said.

 

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