UK Businesses Missed £111 Billion Tech Boost

A recent report from Virgin Media O2 Business and the Centre for Economics and Business Research (Cebr) has revealed that if all UK businesses had embraced digital technology more extensively in 2021, the economy could have reaped a £111 billion boost in turnover. 

The Untapped Potential of Digitalisation 

The report, titled ‘The Economic and Social Benefits of Digitalisation’, highlights what appears to be a major missed opportunity to drive productivity, job creation, and economic resilience through digital transformation, and a troubling gap between perception and reality among British firms. For example, according to the report, while 75 per cent of businesses surveyed believed they had a “strong digital culture,” the reality is far less impressive, i.e. the majority have not significantly increased their digital usage since 2021. This lag in digital adoption may, therefore, not only be costing businesses but also the UK economy as a whole.