The UK to prioritise tech-led growth to boost productivity and innovation

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It was recently reported that the UK must prioritize tech-led growth in order to reach an economy with high wages, productivity, and innovation.

Indeed, the trade association TechUK shared its vision for the post-Brexit economy in the UK and pointed out that the current workforce could be boosted with another 678,000 tech jobs by 2025. The digitalisation of services such as marketing and legal will also increase the productivity of the country.

The government has however noted that this could only be achieved if businesses and especially SMEs can leverage the UK’s tech sector to adopt productivity-boosting technologies and give staff the skills to use them. The association is then focusing on four key areas, including the expansion of sandboxing schemes, new regulatory taskforces, digital schemes, and the creation of a digital skills tax credit for small and medium-sized businesses.

TechUK also recommends rolling out 5G and gigabit-capable broadband as well as investing a further £250m in the Telecoms Diversification Programme and in the Project Gigabit. It also suggests helping businesses to invest in data for research and innovation.

 

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