Internet could potentially transform UK economy

According to a major new government report the internet is one of the things that could help to transform the economy of the UK, making the upgrade of the nation’s broadband infrastructure even more vital.

It has been noted in a recent major government report that the Internet is one of several things that could potentially transform the economy in the UK. The report highlights the increases importance of improving the broadband infrastructure in the UK given that the Internet is one of a handful of things that could make a huge difference to the economy of the UK.

Three sectors were identified by the government think tank, Foresight, as being potentially able to transform the economy of the UK over the next twenty years. Out of the three areas that were identified as being able to contribute to economic development and growth the Internet was one, with the other two being innovative manufacturing and greener infrastructure.

The minister for universities and science David Willetts said: “This timely report looks at how we can benefit from the growth opportunities of the next 20 years in manufacturing, health, communications and energy. It calls for more active cooperation between large companies, small and medium enterprises and researchers to plan ambitious strategies for the benefit of their sectors. Developments in this area will help strengthen our economy and enable us to lead the way for innovation.”

The Boston Consulting Company also released a report recently highlighting how important the Internet was and has been to the economy of the UK, with figures from the report showing that the internet generated one hundred billion pounds of GDP each year.