Posted on October 31, 2016 by staff

Tech industries help economy grow after Brexit vote


The UK economy has grown by 0.5 per cent since the Brexit vote – thanks to technology.

The Office for National Statistics said the growth was “primarily driven by the motion picture, video and TV programme production, sound recording and music publishing activities and computer programming industries”.

The growth is slightly lower than 0.7% in the previous quarter but higher than economists predicted.

According to the ONS, the quarter has also seen the fastest growth in transport, storage and communication industries since the fourth quarter of 2009.

Chief economists at the ONS said there is so far “little evidence of a pronounced effect in the immediate aftermath of the Brexit vote”.

Chancellor Philip Hammond said the figures show that the UK economy is “resilient” and “well placed” to deal with the challenges and take advantage of the opportunity ahead.

In October Hammond announced a £220 million investment to boost technology projects as part of a push to “future-proof” the post-Brexit economy.

The UK technology sector has grown substantially over the last five years from £120 billion in 2010 to £180bn in 2015.