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Internet Transforming UK Economy Worth £100bn

Internet Transforming UK Economy Worth £100bn

The UK online industry is worth £100bn a year to the economy, according to a new report by Google and The Boston Consulting Group (BCG).

"The Connected Kingdom: How the Internet Is Transforming the U.K. Economy" report says the internet economy makes up 7.2 per cent of the country's GDP, and will rise to 10 per cent by 2015.

It also reveals the UK is the world's leading ecommerce economy, exporting £2.80 in goods for every £1 imported. This compares favourably to the offline world, where for every £1 imported only 90p is exported.

The report also estimates 250,000 UK jobs are solely related to driving the internet economy, with an annual turnover of £50bn.

Approximately 62 per cent (31million) of UK adults bought products or services online in the last year, while £50bn was spent on goods and travel.

Over 19m households (73 per cent of the UK population) have a broadband connection, while 31 per cent of people have used their mobiles to go online.

Matt Brittin, managing director for Google in the UK and Ireland, says: "The sector has come of age, and with great prospects for further growth the UK internet economy, will be vital to the UK's future prosperity."

Paul Zwillenberg, partner with BCG in London, adds: "Whether they are driving international expansion, improving their interactions with customers or the efficiency of their supply chains, UK companies are increasingly embracing the internet's potential. Several industries including media, travel, insurance, and fashion, are being transformed by it."


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