Internet is invaluable to economy of UK

Industry experts have recently highlighted just how much the Internet is worth to the economy of the UK, reflecting how invaluable the technology has become.

The rising number of households and businesses that have signed up to broadband services over the past decade has reflected the increasing popularity of broadband services in the UK. More and more people, both casual users and business users, have become reliant on the Internet, and broadband access gives them quick, reliable, and affordable access.

Many people are well aware of how they personally would suffer or how their own business might suffer without access to the internet, but few dwell on how the country as a whole would suffer without the internet. However, a group of industry experts has recently released a report showing just how valuable the internet is when it comes to the UK’s economy.

The report was from Google and the US based Boston Consulting Group. The experts believe that the internet is worth a massive one hundred billion pounds a year to the UK economy. Most of this one hundred billion pounds is based on consumption, which refers to people buying goods and services via the internet. The report also showed how companies were able to raise awareness and sales of their products and services by using the internet.

The report stated: “The UK may not be home to Internet giants such as Facebook, Google, Yahoo or eBay, but it has produced Sir Tim Berners-Lee, the father of the World Wide Web, and a solid base of savvy online consumers and companies whose success is driven by their use of the Internet.”

Source – CBR Online