How Broadband is Boosting the Economy
Technology
The internet has become a vital tool for UK businesses; particularly in more rural areas. Providing more than just simple convenience for customers, ensuring businesses have access to a high-speed connection plays a large part in boosting the country’s economy. That’s why in April 2015, the government set up a scheme to help more small businesses boost their broadband connections.
Helping to provide more job opportunities and boost profits
The Broadband Connection Voucher Scheme set up by the government last year, helped 55,000 small and medium businesses boost their connectivity. The scheme totalled £40 million which has now been fully allocated to businesses all over the country.
Each business was able to apply for a grant of up to £3,000. The scheme was used by a wide variety of businesses including estate agents, graphic designers, architects and cafes. Out of those businesses that took advantage of the help to get on a faster connection, on average they’ve seen an increase of £1,300 annual profits.
It’s also really helped to boost job opportunities. The more profits and increased business companies gained through having a faster connection, the more staff they’ve needed to hire to cope with the increased demand.
Having a fast broadband connection has become essential for the country’s businesses. Many businesses have even turned to companies such as Gradwell Communications Limited offering direct fibre broadband.
Boosting rural economy
While the UK’s major cities have already seen massive improvements in broadband speeds, many rural areas have been left behind. In 2013, Cornwall’s economy was significantly boosted when connectivity in its rural areas was improved. This highlights just how much of an impact broadband speed has on the UK’s rural economy.
A survey carried out in the same year by ComRes for the Countryside, showed 85% of respondents felt high-speed broadband would positively affect the economy in rural areas. Since 2013, faster broadband has been rolled out into more remote locations, though there is still a long way to go to ensure the entire country benefits.
Overall, fast broadband does have a direct positive impact on the environment. Not only does it increase job opportunities and increase sales, but it also opens the door for international business too. It also helps to attract inward investments. As technology continues to advance, broadband speeds continue to increase. As statistics show, this is fantastic news for the country’s economy.
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