techUK has released the results of a new wave of our Digital Economy Monitor survey. Data for this poll was collected during the second quarter of 2023, seeking to measure and track operational changes, business performance and how techUK members view the UK's economic outlook over the next 12 months.
After a challenging downturn in the latter half of 2022, this round of the Digital Economy Monitor reveals a tech sector that is cautious, yet optimistic about its potential to grow.
However, uncertainty over the UK's economic outlook as well as concerns over investment, infrastructure, and the effects of regulation could cut this optimism short.
When asked about their longer-term ambitions, techUK members want to see their businesses scale and grow; expand into new markets; and improve efficiency, competitiveness, and sustainability. To help them achieve that, they say they need greater incentives to invest in R&D, a more competitive tax regime, and regulatory stability.
There were five key themes shown across the survey results:
- Business outlook among techUK members has rebounded after a difficult 2022, however techUK members see wider economic challenges on the horizon that could threaten their business plans.
- Industry still requires greater support for R&D and innovation, while access to infrastructure has become a greater concern.
- Sales and investment plans are cautiously looking up, showing that the industry is on the rebound.
- Businesses are reorienting to focus on efficiency with reductions in headcount across a range of companies planned.
- When asked about their ambitions for the future techUK members are focusing on growth, efficiency, and sustainability but need Government support to get there.
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