UK tech job vacancies have bounced again strongly as Britain’s booming tech sector shrugged off the Covid-19 pandemic to draw report ranges of funding.
Whereas job vacancies within the trade dropped sharply on the top of the disaster in July, they’ve since climbed 50 per cent and at the moment are accumulating at a charge of two.6 per cent per 30 days, in line with new figures from Tech Nation.
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The restoration highlights the resilience of the UK’s digital economic system, which now accounts for 10 per cent of all job openings.
Regardless of the impression of the pandemic, enterprise capital funding in UK tech companies rose to recent highs in 2020 as Britain continues to prepared the ground in Europe.
Tech firms raised $15bn (£11bn) this yr, a slight improve on the $14.8bn achieved in 2019 and better than the remainder of Europe mixed, in line with knowledge from Dealroom.
This was spurred on by various big-ticket fundraising rounds by firms together with fintech agency Revolut and digital insurance coverage supplier Ki, which each secured $500m in recent funding.
Go Cardless and Octopus Power additionally bagged vital money injections within the ultimate weeks of the yr.
As well as, UK-based enterprise capital companies additionally smashed earlier information by elevating $8.2bn this yr, up from $5.5bn in 2019.
Britain’s unicorn farm
The bumper funding helped spur on the UK’s monitor report in creating unicorns — non-public firms valued at $1bn or extra.
Seven new unicorns had been created this yr, together with Gousto, Gymshark and Cazoo, taking the nation’s whole to 80. In accordance with the report, the UK additionally boasts greater than 130 tech companies valued at between $250m and $800m, signalling a robust pipeline of future unicorns.
Writing in Metropolis A.M. at present, tradition secretary Oliver Dowden mentioned the UK tech sector had proven a “outstanding potential to adapt”.
“The 2020 report is massively constructive, and it brings clear tidings for 2021: the well being of our tech sector and our general economic system at the moment are inextricably linked,” he wrote.
Dowden promised “one other enormous tech push” from the federal government subsequent yr, including that new regulation of digital firms would convey “thrilling new innovators and disruptors into the fold”.
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Digital job drive
The brand new knowledge confirmed that UK tech job vacancies at the moment are at their highest degree since Could after struggling a steep fall on account of Covid-19.
Job openings had reached simply over 75,353 by November, up from a low of simply over 50,000 in July, in line with knowledge compiled by Adzuna.
Whereas this stays beneath the 106,000 IT-related vacancies recorded in March, speedy development suggests the sector is on monitor for a full restoration within the coming months.
In accordance with the most recent ONS knowledge, the digital tech economic system employs 2.98m folks, after rising 11 per cent during the last two yr.
Whereas London makes up almost one-fifth of all tech vacancies, the south east comes second with 15,038 and north west England has over 7,000 out there jobs.
Essentially the most in-demand position stays software program developer, which has greater than 31,000 vacancies. Nevertheless, greater than a 3rd of obtainable jobs are in non-digital roles, together with HR, advertising and authorized.
Salaries within the tech trade are significantly greater than the nationwide common at £53,318, up 4 per cent on 2019 figures regardless of low inflation.
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“Immediately’s constructive job and funding figures supply additional proof that the UK’s tech ecosystem has an vital position to play within the restoration and the chance to construct again a extra sustainable, fairer society,” mentioned Laura Citron, chief government of London & Companions.
Suranga Chandratillake, accomplice at Balderton Capital, added: “Attracting $15bn value of funding is an astounding feat for the UK’s tech trade.
“It’s nice to see the success of the trade spanning each totally different areas of the UK, and totally different sectors, together with fintech, e-commerce and inexperienced power.”
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