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10% of the whole economy is now online

At the Institute of Directors, we have been supporting businesses and the people who run them since 1903.

10% of the whole economy is now online

Britain is more digitally advanced than almost any other country – almost any other western country – in terms of how much business is online.

Something like 10 % of the entire economy now takes place online and a third of all consumer purchases are done through the Internet.

So the Internet is fantastically important and being able to cope digitally is vital for any business these days. That’s why it’s so important that broadband is available on a much wider basis.

Broadband is the part of infrastructure that this country desperately needs. More important than road or rail, and we ought to be concentrating on that as a community.

We believe much more competition is needed in the era of broadband provision and the IoD is arguing for that. The fact is there are many places in this country where you still can’t get proper signals, where you can’t get adequate broadband, where broadband fails regularly.

If we advanced to the level of countries like South Korea which are bluntly where the competition is, in terms of the digital economy, we would increase productivity across the country as a whole.

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