UK technology investment reached record levels last year and it is not just flowing to London.
Analysis by entrepreneur network Tech Nation found investment in UK firms in the sector increased by more than 44 per cent in 2019 to a record £10.9bn.
This was the most in Europe and second to the US which attracted £81.9bn, a figure that was down 20 per cent, and China where investment fell by 65 per cent to £32.3bn.
London had the most tech investment in the UK at £4bn, but Manchester had the fastest growth, with investment up from £48m in 2019 to £181m in 2019 – a 277 per cent increase.
Bristol, Oxford and Cambridge were also among Europe’s top 20 cities for tech investment.
“The latest findings from Tech Nation evidence the impact the tech sector has on the UK economy,” Eileen Burbidge, chair of Tech Nation, said.
“The UK tech sector is growing six times faster than the rest of the economy, and we are seeing UK tech companies raise funds from investors all over the world.
“Fintech continues to be one of the UK’s key strengths, with 44 per cent of Europe’s fintech unicorns and high-value scaleups being located in the UK.”