UK technology sector predicts foreign investment to drive growth to 2021

British technology leaders are bullish about the future of business in the UK, forecasting solid growth over the next ten years; underpinned by foreign investment into the country, according to the ‘Business in 2021’ research announced today by Barclays Corporate. Survey respondents do not foresee a need to move out of the UK either, with the majority still seeing it as a competitive country in which to do business in 2021.

The research, in which 660 UK business leaders were surveyed on the conditions they expect their firms to face in a decade, found that 72 per cent of respondents from the technology sector predict steady and sustained growth over the next ten years. However, they predict this growth will have its foundation in an injection of foreign investment into the UK; with 84 per cent from the technology space expecting more foreign ownership of British businesses and assets.

This predicted foreign investment into the UK has also resulted in technology companies backing the UK as a better place to conduct business in 2021, with 68 per cent of respondents seeing the UK as a place they will be still be operating from. Technology firms also expect that outside investment into UK businesses will make the UK much more competitive on a global scale; with 68 per cent of respondents saying the UK would be better equipped to compete.

Technology companies also feel that India (39 per cent) and China (36 per cent) will generate growth in the form of export sales.

Lorraine Ruckstuhl, Corporate Director, TMT, Barclays Corporate, commented: “These results underline that the UK technology sector thinks the country has a sound future. Foreign investors have been attracted to the UK for over twenty years, and their increasing involvement in our economy is seen as stimulating and stabilising. This will produce a more competitive UK in the global market that retains the business of leading technology companies. Our technology companies appreciate the value of the North American marketplaces, but see the major growth in UK export sales coming from India and China.”

Ends

For more information please contact:

Katharine Simon Babel PR for Barclays Corporate

(T) 020 7434 5550

(E) barclayscorporate@babelpr.com

(W) www.babelpr.com

About Barclays Corporate

With a clear focus on quality relationships, Barclays Corporate provides integrated banking solutions to businesses with an annual turnover of more than £5 million in the UK and large local companies, financial institutions and multinationals in non-UK markets. We facilitate the success and growth of our clients by providing lending, risk management, cash and liquidity management, trade finance and asset and sales financing. Additionally, our clients benefit from the breadth of the Barclays Group, through access to the investment banking services of Barclays Capital including debt and equity capital markets, the private wealth management expertise of Barclays Wealth, and the card and payment services of Barclaycard. Barclays Corporate employs 11,900 people globally. For more information please visit www.barclayscorporate.com.

About Barclays

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 147,500 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.