Among our clients, I’d say technology is still the most prosperous sector. We’re working with companies in tech, fintech, medtech and talking to people in AI and robotics too.
That sector is clearly buoyant and it will continue to grow and grow. Indeed, we’ve seen some stunning statistics in the last couple of months. Investors ploughed £5.5billion into the UK tech sector in the first seven months of this year, more than the whole of 2018. Meanwhile, the UK is now fourth in the world for scale-up tech investment, behind only the US, China and India.
We can talk about the decline in the high street, but is it not inevitable that there will always be certain industries in decline? Coal mining and shipbuilding in the UK have declined during my lifetime, while Britain’s manufacturing base has shrunk as we’ve moved to a service economy.
The picture is not wholly bleak. The UK employment rate, estimated at 76.1%, is the highest on record. Despite Brexit risks, UK wages have risen at the fastest rate for a decade with British workers’ wages rising by 3.9% over the last three months in sharp contrast to the slower economy.
An innovative, entrepreneurial company – and country – modernises, adapts and changes its products and services. The world won’t stand still, you have to move with the times.
I’ve mentioned before how Madonna reinvents herself every few years to stay current. Look at car manufacturers; they’re now having to adjust to the move to electric cars. You have to be able to modernise.