Report from Barclays Corporate Banking suggests 5G could add £15.7 billion to the UK economy by 2025
A report from Barclays Corporate Banking suggests 5G could add £15.7 billion to the UK economy by 2025 but only if network deployment is done faster.
While progress is being made, the Barclays team forecast the current rate of deployment would add £13 billion to UK businesses, though any hurdles could drop this figure to £8.3 billion. By 2030, the size of the UK economy could be increased by between 0.88% and 1.54% compared to a situation where no national 5G network. The middle-ground, development continuing at today's pace, is an increase of 1.09%
For a country which is courting with controversy and potential regulatory hurdles, this does not necessarily paint the brightest of pictures. But of course, this is entirely dependent on whether UK businesses actually know what 5G is and what can be achieved with the upgraded infrastructure.
"The rollout of 5G offers a huge opportunity for the UK," said Sean Duffy, Head of TMT at Barclays. "We're seeing massive potential for business growth, which ultimately delivers a positive knock-on effect for the whole economy.