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Number of tech firms in UK up 31% since 2010, survey reveals

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The number of tech companies in the UK has increased 31% in the past five years, a study by KPMG and Markit Tech Monitor UK has revealed.

Around 45,000 tech enterprises have set up over the five-year period, with Reading, Wokingham and Slough making their mark as tech clusters.

In Reading, 22% of enterprises are now tech sector firms, which is significantly more than the national average, at 8%.

In Wokingham, the figure is 21%, in Slough it is 19%, followed by Hounslow (18%) and Milton Keynes (17%).

London

The number of tech firms based in London has increased 55% since 2010.

This year, there has been a 25% increase in the number of tech enterprises that decided to set up base in the London Borough of Hackney, beaten only by Warwick, which saw an increase of 28%.

When examining local business populations across the UK, the survey found some 31 of 33 local authorities in London have a higher proportion of tech enterprises than the national average .

Patrick Imbach, head of KPMG’s high growth technology group based in Shoreditch, said: “London is increasingly becoming home to some of the most innovative tech businesses available anywhere in the world.”

“It is great to see that the spread of tech startups in London is not restricted to zone 1 but that areas such as Newham, Bexley and Barking are starting to witness technology hubs springing up,” he added.

Specialisation

Imbach said areas of specialisation are starting to form in the capital, for example the City becoming a hub for FinTech companies.

He went on to say that, although the UK tech scene has increased significantly over recent years, this can’t be taken for granted.

“It is important we see the tech sector be prioritised by national and local government and also focus on key issues such as STEM [science, technology, engineering and mathematics] subject education, investment in regional infrastructure including broadband and an adequate regulatory framework,” Imbach concluded.

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