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City welcomes 15% increase in tech sector firms

Almost one in five enterprises based in the city are tech sector businesses, according to the latest KPMG/Market Tech Monitor UK Survey. 

According to the research there has been a 15% increase in the number of tech enterprises based in Milton Keynes over the last 12 months, making it the 14th fastest growing local authority in the country for tech businesses.

The survey found that 17% of firms in the city are technology-based.

Only Reading, Wokingham, Slough and Hounslow arr more intensively tech-based, says the survey.

Mark Matthewman, head of KPMG’s Technology Sector team in Milton Keynes, said: “It is important for the UK to have a strong tech sector and it is therefore hugely encouraging to see that not only has the UK tech sector delivered six years of continued growth, but that Milton Keynes is becoming recognised as a key tech hub in the UK.

“We are also seeing increased specialisation within local technology clusters such as Biotech in South Cambridgeshire, AutoTech in the West Midlands and FinTech in London. 

"This creation of tech centres of excellence will create a virtuous circle of attracting global investment and acting as a magnet to the best tech talent.”

The research found that the number of tech-related enterprises in the UK private sector has risen by 31% since 2010, representing a net gain of approximately 45,000 enterprises over a five year period, or one additional tech sector enterprise every hour of the day for the past five years.

The growth of tech sector enterprises is double that of all private sector enterprises over the same period (16%).

Mr Matthewman said: “Although we have seen the number of Tech enterprises grow by a third since 2010, double that of other private enterprises, we cannot take this for granted and it is important we see the tech sector be prioritised by national and local government and also focus on key issues such as STEM subject education, investment in regional infrastructure including broadband and an adequate regulatory framework.”