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Why The Uk Government Must Continue Investing In Technology

The internet economy contributes more than 9.5% of UK's gross domestic product to the economy. There is still room for growth given the well documented unemployment rates especially among the youth, which currently stands at over 18%. The significance of this is not immediate, rather, it reverberates down the line and there is no doubt that unemployment generates to a crisis condition that threatens the very social fabric of society.

Research assessing the Internet's economic impact showed that by 2016, the internet will have 3 billion users globally and with a $ 4.2 trillion economy. The UK is right at the forefront in tapping the enormous potential in this industry and by 2016, the internet is forecast to grow to 13% in the UK, contributing about £ 230 billion to the overall UK economy, not to mention bridging the unemployment gap. The internet is also quite significant to the UK as compared to traditional industries. This is made clear by the fact that the internet and technology sectors touch on each and every industry. The sector has also dwarfed traditional industries such as construction, education, health, utilities and communications as a percentage of the gross domestic product and is only a few percentage points behind financial services. A greater litter of interesting facts about this article can be found at Joanna Shields.

It is with such facts in mind that the UK government's investment in technology is deemed critical in propelling UK's future growth and helping it stay ahead of the pack in the global arena. recently the UK government invested over £ 400 million in the following technologies:- £ 189 million for big data and energy efficient computing to build capacity for analysis of big data sets.- £ 25 million to the National Space Technology Program for the development of commercial products and services using space technology and data from space based systems.- £ 35 million for centers of excellence in robotics and autonomous systems which will be created around universities, innovation centers and science parks in a bid to bring together the research base and industry. An additional £ 1 million was channeled towards a Technology Strategy Board competition to promote and help accelerate the development of concepts where robots are able to interact with each other and humans.- £ 45 million for new facilities and equipment for advanced research in areas such as low energy electronics, telecommunications, advanced composites and high performance alloys.- £ 30 million to create dedicated research and development facilities to develop and test new grid scale storage technologies, helping the UK capitalize on its excess energy production and reducing the national carbon footprint.- £ 50 million for vital upgrades to laboratories and research equipment.- £ 25 million for developing the Advanced Meteorology Laboratory in Tiddington, to allow scientists there to undertake top notch research in measurement science.- £ 65 million for world class research institutions, focused around developing Rothamstead Research Campus, Harwell, Oxford, Aberystwath and Sci Tech Daresbury.

The UK government can capitalize on these and other such investments by backing the right technologies and taking them through the market. Understanding the role played by technology in the economy and society is so fundamental that we cannot afford to operate blindly. Perhaps the UK government needs to go further and establish and build a central statistics body for relevant technology related data as there is enormous savings to be made using technology and the internet to improve management of funds guided by ministers and permanent secretaries annually and service delivery.

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