The UK tech industry is in a healthy position. Against the headwinds that have slowed the growth of most other sectors – the Covid-19 pandemic slowing productivity, intersected global markets driving hyper-competition, and a shortage of skilled workers – UK-based tech continues to grow at pace.
UK tech has now surpassed a $1tn valuation, becoming the third country to do so. Its predecessors, naturally, are longstanding industry titans, China and the US.
While many will dismiss this as an arbitrary figure, it does afford a worthy opportunity to review the success of UK tech in recent years and assess where this growth may lead in the decade to come.
Today, Europe’s growth rate for unicorns is double that of the US. The UK is responsible for more than one-third of Europe’s new tech unicorns – there is a tangible feeling of the continent ‘catching up’ with its more established counterparts. With the right level of continued support and investment, I anticipate the UK should be able to retain its position as the main driver of growth here....