UK falling short when it comes to ICT investment

The UK is lagging behind other countries when it comes to ICT investment, a new study has found.

The study revealed that the UK came 20th out of 21 countries in the Organisation for Economic Co-operation and Development (OECD) group for capital investment in ICT infrastructure as a proportion of gross domestic product (GDP) in 2014.

There are 35 member states in the OECD, but ICT investment was only available for 21 of them, and the UK invested the second least of these in 2014, according to analysis by the Trades Union Congress (TUC).

The UK spent just 0.4% of GDP on ICT equipment, according to the TUC. In total, UK capital investment was 16.6% of GDP in 2014, while the average across all OECD countries was 20.8%. On this basis the UK is in third to last place, ranking 33rd out of 35 countries, with only Greece and Portugal investing less.

Alongside the analysis, the TUC is today publishing its full Autumn Statement submission to the Treasury. The submission argues that investment in infrastructure and public services is vital for protecting the economy from the uncertainty caused by Brexit. And it will also be needed for Britain to build an economy strong enough to compete in the global marketplace once the UK has left the EU.

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