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UK Technology Sector
There has been an 83% fall in seed-stage investment in UK startups between 23rd March and 17th May 2020 compared to the same period in 2019, according to new research by Plexal and Beauhurst.
Overall UK tech startup funding saw a 50% drop year-on-year during the same period, confirming that, although many startups are struggling to raise funds, seed-stage startups have been the hardest hit.
Fast-growing UK tech companies secured a record £5.5bn in foreign investment in the first seven months of this year, according to research for the government’s digital economy council. The study for the Department of Digital, Culture, Media and Sport (DCMS) revealed that the UK has overtaken the US for the amount of investment per capita.
Funding growth was driven by US and Asian investment in private companies valued at more than $1bn, such as a renewable energy company Ovo Energy and takeaway business Deliveroo.
The UK is no longer the top European destination for foreign workers - results from the Decoding Global Talent 2018 report by the Boston Consulting Group (BCG) and The Network have shown. Germany has replaced it as the European country most job seekers would consider moving to and Germany is now the second most popular work destination worldwide, behind the US.
Not only has the decision to leave the European Union not dented London’s start-up scene, it seems to have actually widened its lead as Europe’s leading fundraising destination.
Oxford’s growing technology sector has helped it move into second place, behind London, in a table of UK cities ranked by total economic output.
According to the Q4 2017 UK Powerhouse report, Oxford’s output was valued at £498m and its economy £8.3bn, a rise of 2.2% in the 12 months to the end of June.
The report was produced by law firm Irwin Mitchell and the Centre for Economics and Business Research and estimates growth and job creation across 45 UK cities.
According to the Tech Nation 2016 report, the Reading and Bracknell tech cluster is now the country’s largest cluster of digital businesses outside London. The area around these two towns is the home of digital businesses which contribute about £10bn in annual turnover to the British tech economy.