{"id":41787,"date":"2021-02-16T14:36:44","date_gmt":"2021-02-16T14:36:44","guid":{"rendered":"http:\/\/icloud.pe\/blog\/?guid=a0a52fef553cb825f9c32fe22afd9bb6"},"modified":"2021-02-16T14:36:44","modified_gmt":"2021-02-16T14:36:44","slug":"digital-investment-could-add-232-billion-to-uk-economy-by-2040","status":"publish","type":"post","link":"https:\/\/icloud.pe\/blog\/digital-investment-could-add-232-billion-to-uk-economy-by-2040\/","title":{"rendered":"Digital investment could add \u00a3232 billion to UK economy by 2040"},"content":{"rendered":"


\n Sabina Weston<\/a><\/span>
\n <\/span><\/p>\n

\n
\n
16 Feb, 2021<\/span><\/div>\n<\/p><\/div>\n<\/div>\n

\n<\/a><\/p>\n

\n

Investing in digital technology could increase the UK\u2019s GDP by almost 7%, delivering a \u00a3232 billion boost to the economy by 2040.<\/p>\n

That’s\u00a0according to new research from the\u00a0Centre for Economics and Business Research (Cebr)<\/a>\u00a0and\u00a0Virgin Media Business<\/a>.\u00a0<\/p>\n

The\u00a0study<\/a>\u00a0examined how focusing on digital ways of working, which has been magnified by lockdown restrictions, could help the UK\u00a0recover<\/a>\u00a0from the economic effects of the pandemic. The report claims that investing in digital technology could boost the economy by \u00a374 billion in the next four years, and by\u00a0\u00a3127 billion\u00a0by the end of this decade.<\/p>\n

By 2040, if these investments are sustained, digital technology is expected to add \u00a3232 billion\u00a0to the national economy \u2013 equivalent to 6.9% of the UK\u2019s GDP.<\/p>\n

Digital processes in the\u00a0public\u00a0<\/a>sector will\u00a0create efficiency gains and cost-savings of \u00a375 billion, according to the report, while investments in\u00a0digitising health and social care<\/a>, as well as the justice, central, and local government sectors could add \u00a333 billion and \u00a332 billion to the UK economy, respectively.<\/p>\n

Cebr also found that digital investment in private sectors such as retail, professional services, and construction, could be worth an additional \u00a340 billion\u00a0by 2040, with other parts of the economy also predicted to experience similar gains.<\/p>\n

Cebr director of Economic Analysis, Cristian Niculescu-Marcu, said that the economic impacts of the pandemic alone \u201cfall far short of capturing the scale of the pandemic\u2019s toll on people\u2019s lives and wellbeing\u201d.\u00a0<\/p>\n

\u201cWithin this research we have examined the potential economic impact of a wave of\u00a0digital transformation<\/a>, driven by the rollout of new ways of working and connecting,\u201d he said, adding that \u201cthis could create an economic high road over the coming decades, helping the UK economy to grow while also having the flexibility to deal with future challenges\u201d.<\/p>\n

Commenting on the Virgin Media Business managing director Peter Kelly said that \u201cthe UK has a \u00a3232 billion opportunity ahead of it which we must now grasp with both hands\u201d.\u00a0<\/p>\n

\u201cBy continuing to invest in new digital ways of working, we can seize this moment and help UK businesses to bounce back better. Moves to accelerate digital adoption are driving extraordinary outcomes across private and public sector organisations, helping them to revolutionise how they work, deliver for customers, and provide vital services for our communities,\u201d he added.<\/p>\n

The release of Virgin Media’s report comes days after the company announced that it is planning to\u00a0create more than 400 new graduate, intern, and apprenticeship roles<\/a>\u00a0over the course of 2021. <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Sabina Weston<\/p>\n

16 Feb, 2021 <\/p>\n

Investing in digital technology could increase the UK\u2019s GDP by almost 7%, delivering a \u00a3232 billion boost to the economy by 2040.
\nThat’s\u00a0according to new research from the\u00a0Centre for Economics …<\/p>\n","protected":false},"author":627,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-41787","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/41787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/users\/627"}],"replies":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/comments?post=41787"}],"version-history":[{"count":1,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/41787\/revisions"}],"predecessor-version":[{"id":41788,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/41787\/revisions\/41788"}],"wp:attachment":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/media?parent=41787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/categories?post=41787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/tags?post=41787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}