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Additional IT investment can create 700,000 more jobs in the UK

A report from the LSE (London School of Economics) and ITIF (Information Technology and Innovation Foundation) looks at the employment opportunities available from further investment in IT, including the UK’s broadband infrastructure.

The report investigates three areas where an estimated £5 billion could be used in each; Broadband networks, intelligent transportation systems (ITS) and a smart power grid.  The investment can provide an important boost to the UK economy in the short-term, but also lay the foundations for long-term economic growth, international competitiveness and an improved quality of life.

A £5 billion investment in broadband networks alone could create a massive 280,500 jobs for a year.  This would be as a result of creating direct jobs (involvement in actually building the infrastructure), indirect jobs (from suppliers for example) and finally induced jobs, created when workers spend their wages, therefore stimulating employment in other sectors such as retail.

The main concentration of this investment should be in getting broadband to unserved (mostly rural) areas, improving speeds in areas currently with speeds of 3 Mbps or less and spurring increased adoption of broadband by households.  The first two will certainly help in achieving the third goal.

The report also points out that investment should not be minimised due to the belief that the projects will take too long to have an impact on the economy.  Rather, if the initiatives are “designed properly”, it could quickly spur a large number of investments.

Read the full report here.

In the Budget last week, the Chancellor also announced some extra funding for broadband from the Government, which should help to initiate further action.