Data from HSBC Innovation Banking shows that the total value of the UK’s tech sector has climbed to its highest ever level this year, hitting £996.8bn. This is up from £988bn last year. This means the UK’s tech sector is the third most valuable in the world, behind only the US and China. The report shows that investment into London-based start-ups slowed. It went down to £8.6bn in the first nine months of this year. This was a fall from £19.2bn in the same period last year. Worryingly, firms across the UK have raised only £14bn, less than half of the £31bn raised in 2022.
BFS Comment: The news about our place in the hierarchy of the Global technologies sector is very positive. More concerning, however, is the decline in investment into industry as a whole and technology in particular in the UK. Much of this is due to lack of confidence on the part of potential investors. This has partly been brought about by a combination of negative reporting by much of our press. Also by the bungling and lack of the ability to do long-term planning by consecutive Governments. Having said this, if you need funding to grow your business, then come and talk to us at BFS, as we have many lender contacts from the Banks to Angel Investors.