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UK Economy being driven by technology sector

The news that Britain has far more technology enterprises than government sources had previously estimated came as no surprise to one successful technology entrepreneur.

Dan Wagner, CEO of Powa Technologies, has previously estimated that digital business is growing seven times faster than the rest of the UK economy and is providing the foundation of the UK’s economic recovery. Government classification recognises 187,600 digital companies, while research by the National Institute for Economic and Social Research (NIESR) says there are almost 270,000 such companies in the UK, 40 per cent more than the government estimate. What’s more, NIESR says the government’s classification is ‘outdated’ and misses out many tech firms. Dan Wagner said, “Since I started working in this industry in the eighties I have seen the technology sector grow exponentially and play an increasingly important role in the economy. We are now living through an era where technology is vital for Britain and as a country that has always been at the forefront of technological progress we need to do far more to promote innovation and invention.”

Dan Wagner also sees the growth in new digital media channels as an indicator of how digital and new media is shaping business.

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