Number of IT firms in UK soars by 37,000 in the past two years

 
Suzie Neuwirth
THE NUMBER of IT firms in the UK has risen by 14 per cent in the past two years, almost double the average growth rate across all sectors, according to new research.

There are now more than 300,000 IT firms in the UK, over 37,000 more than there were two years ago, according to data from accounting services provider NoPalaver Group.

In comparison, the number of new enterprises across all industries grew by eight per cent over the same period.

The research attributes the growth of the so-called app economy and the development of new social media platforms as driving the growth of IT start-ups, strengthening the position of technology hotspots such as London’s Silicon Roundabout.

Silicon Roundabout has benefitted from government efforts such as the Tech City Investment Organisation, a body aimed at encouraging growth in the area.