UK Tech Businesses Don't Need Silicon Roundabout Postcode to Succeed
London's Silicon Roundabout is home to hundreds of tech-based startups, but UK companies don't need an EC2 postcode to succeed as long as the government backs them.Reuters

The first comprehensive report of the UK's digital economy has been published, prompting Prime Minister David Cameron to champion the country's position as a "global hub of technology excellence".

The Tech Nation report revealed that digital job growth will outperform all other occupation categories by 2020, while 90% of the UK's digital companies expect their revenue to rise in 2015.

"Backing the industries of the future is a key part of our long-term economic plan to support business, create more jobs and build a more resilient economy," Cameron said.

"The digital economy has become an integral part of our country and the rapid growth of many digital businesses has confirmed Britain's position as a global hub of technology excellence.

"We are committed to supporting the growth of our digital industry nationwide and Tech Nation shows the great innovation and thriving entrepreneurial spirit that is driving the sector forward across the country".

Other key findings from the report included news that the UK's fastest growing tech clusters in terms of new digital companies formed since 2010 include Belfast, Bournemouth, Bristol and Bath.

Tech City CEO Gerard Grech on How London Can Rival Silicon ValleyIBTimes UK

"The UK is recognised on the world stage for its tech and digital strengths," said Joanna Shields, chair of Tech City UK and Digital Adviser to the Prime Minister. "Today's report reveals the depth of the sector and the complex array of skills, specialisms and strengths that truly make us a Tech Nation.

"The unprecedented level of detail and analysis of business starts, revenue and job growth give us a first hand view of the clusters and businesses that make up the UK digital economy. We are a Tech Nation and we hope this project will inspire innovation and growth for years to come."

The report also revealed that of the 1.46 million digital jobs in the UK, 74% exist outside of London. According to Gerard Grech, CEO of Tech City UK, this reveals how the technology landscape in the UK is not as London-centric as some critics claim.

"I believe our findings will help inform policy-makers, investors and the wider business community about the sheer breadth and depth of the UK's digital prowess," Grech said.

"This is the first time that the UK's digital clusters have been so thoroughly analysed, revealing their strengths and importance to the digital economy. It shines a powerful spotlight on how far we've come in the digital tech sector, and where we are heading."