Poor Quality Internet Costs the UK Economy $60 Billion Per Year

The internet can be a central component of any strong economy, but in spite of the fact that this is the case the UK seems to be lagging behind in this respect. With hybrid and remote working fast becoming the norm, many are questioning the ability of an economy to survive without high quality internet connections. A new study from hybrid workplace management company Actual Experience revealed that the UK could be facing tens of billions in annual losses due to bad internet connections.

The study featured a survey that showed that 89% of British workers face internet problems at home with all things having been considered and taken into account. 27% of them stated that they face these issues fairly often which is concerning because of the fact that this is the sort of thing that could potentially end up preventing them from getting work done.

It is estimated that the British economy loses about 1,000 pounds per person each year due to poor quality internet, which totals to about 60 billion pound sterling on an annual basis. This can make the British economy grow much more slowly than might have been the case otherwise, and there are a wide range of areas in which this can have an ill effect.

With all of that having been said and now out of the way, it is important to note that stock and crypto traders need instant internet connections otherwise they would lose out on trades and miss their cues. This is also something that can disrupt digital meetings that are being held over video calls, along with making it take unnecessarily long for workers to download vital documents and resources from company servers.

Employees need to be provided high speed internet otherwise their productivity will continue to decline. Losing out on tens of billions each year will not help the struggling British economy to find its footing, especially when faced with an ascendant India that is clearly succeeding in the area of digitization and taking advantage of the UK’s rather lacklustre performance on that front by surpassing it in terms of pure GDP metrics.

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