Internet ‘Worth £100bn a Year to UK Economy’

by Stephen Logan on 28th October 2010

The internet is worth around £100 billion a year to the British economy, a new study has found.

According to a report from Boston Consulting Group which was commissioned by Google, this means that it is responsible for producing 7.2 per cent of the nation's GDP.

A total of £60 billion comes from online shopping and the cost of accessing the web for users, reports BBC News.

The report found that small businesses which use the internet have four times the sales growth of rivals that are less active online.

Matt Brittin, managing director of Google UK, told users of SEO services: "The sector has come of age, and with great prospects for further growth the UK internet economy will be vital to the UK's future prosperity."

According to a recent report from the Internet Advertising Bureau and PricewaterhouseCoopers, spending on internet advertising increased by around ten per cent in the first six months of 2010.