Technology will light the path to recovery from recession

The chancellor recently announced that the UK is facing its toughest economic times since records began. But, as the economy plunges into recession, it seems technology will light the path to recovery.

Sabby Gill, MD, Sage UKI, made the following comment on how government-driven investment and incentives will help reshape and reinforce businesses for the hard times ahead

“Despite the initial doom and gloom of today’s figures, we can clearly see the UK economy has entered recovery. Businesses’ success in the coming months depends on access to the technology that will underpin a thriving recovery. All businesses need incentives for tech investment to prevent the collapse of the British economy. 40% of SMEs, who employ 60% of the UK workforce, believe that a technology grant from the Government would increase hiring, whilst 80% say technology will help their business post lockdown.

“The focus must remain on how we can build back better. For many SMEs the crisis will have a significant impact on the workforce. Unemployment is likely to fall unevenly, and if the impacts aren’t mitigated this could leave generational scars. The Government should focus on creating inclusive jobs in the short term, supporting long-term sustainable growth as a priority.

“With Brexit looming many SMEs want to increase their revenues from trade and reach new markets. The Government must urgently start to prepare SMEs for Brexit with simple steps they need to take, it should extend the new Export Academy for tech sectors to other sectors with propensity to export more and should fund regional export strategies. There is a huge amount of untapped potential in our economy. It is growth waiting to be unlocked.”

 

 

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