It’s that time of year again! No, not when Game of Thrones should be back on TV, but the time for the publication of the Tech Nation report. The report is 124 pages, but don’t worry – I read it so you don’t have to. Here’s the lowdown on some of the main takeaways from the report:
Firstly some good news. Last year in the UK, digital tech business turnover reached a gargantuan £170 billion. Let me break that down for you – £170 billion is the equivalent of every single person in the world paying £23.86. This goes to show that the tech industry is still growing at a rapid pace, in fact, over the last 5 years, turnover has increased by 28%, making it one of the fastest growing sectors in the UK.
Better still, investment in digital tech reached £6.8 billion last year. For that money you could buy 2,461 2-bedroom houses in Central London, or (probably) a monthly Oyster travelcard in 2025. This level of investment into tech businesses is nearly 50% higher than any other European country, positioning the UK as one of the tech leaders of the world.
All this investment, of course, brings about new business. Tech businesses are forming twice as fast as those in non-tech sectors. In fact, in London a new tech business is born every hour. Tech Nation found London to currently have 300,169 tech jobs. That’s enough people to fill 452 northern line trains!
Yet, one of the big takeaways from the report was that all these tech jobs are being created but there is still not enough talent to fill them. Over 50% of the people surveyed for the report said that the skills gap was their main business challenge. While the UK has one of Europe’s highest proportion of millennials with STEM degrees, it’s still not enough to close the ever-widening skills gap. The entry requirements and dropout rates for these degrees remain high and women are still underrepresented in these fields.
But, London is definitely outshining its European counterparts in terms of tech talent. This city has almost twice the number of github users than Berlin or Paris, with high user activity across the top 20 programming languages.
So, if you’re looking for the best tech talent, London is clearly a good place to start. Click here to start your search.