KPMG study shows tech sector held back by slowing UK economy

Aug 12, 2019 ·

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The UK tech sector marked seven years of continuous business activity expansion in Q2 2019, but there are now signs that subdued domestic economic conditions have started to hold back growth.

The KPMG UK Tech Monitor Index, which measures the strength of business activity across the sector, dropped from 54.4 in Q1 to 53.0 in Q2, to signal a softer rate of growth then at the start of 2019. Although the index has remained above the 50.0 ‘no change’ value since the third quarter of 2012, the latest reading signposted the second-weakest rate of UK tech sector growth for three-and-a-half years.

Many survey respondents said that alongside the effect of subdued UK economic conditions on business activity growth, Brexit uncertainty had led to greater risk aversion, cuts to corporate spending and a corresponding slowdown in new business growth.

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