According to the 'Connected Kingdom' report commissioned by Google, the UK internet is now worth more than £100 billion. A significant finding of the report was that the internet in the UK is growing at a rate of 10% every year, in 2008 it made up 7.2% of the UK economy and is predicted to generate up to 10% of the UK’s economy by 2015.
“As the report highlights the UK is the leading nation for e-commerce and the Internet is one of the key drivers for steady growth in the economy in 2010.” said Andy Redfern, Director of HitSearch Limited, online marketing specialists.
The UK has the largest per capita online market and the second largest e-commerce market in the world according to the report. Redfern add “At a time when the government is spending vast amount of time on austerity measures - a greater focus on getting the majority of SME’s digitally enabled from a sales point of view would no doubt help increase the country's GDP.”
The report also found that the growing online industry accounts for approximately 250,000 UK jobs and will play a vital part for the UKs economic recovery during the next few years. Within the UK, the online industry is already larger than the construction, transport and utility sectors. Redfern commented “I am proud that our industry directly employees over 250,000 staff and growth of SME's that use internet marketing outstrips those offline by a ratio of four to one. “
Redfern concludes “The Digital Inclusion task force focus was on the general public, this report highlights that greater investment is needed to push our business community online.”