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93% of UK tech firms fearing huge industry crash

The majority of UK tech firms are concerned about stunted business expansion.

Intern Tech, an international and national provider of tailored internships, conducted the study.

Their findings reveal a troublesome gap between the university system, and the companies searching for relevant skills to propel their business models forward.

The UK tech industry is an emerging economic force that continues to out-perform European competitors.

With a growth rate doubling that of other economic sectors, the digital tech scene generated close to a whopping £170 billion in 2015. As such, it contributed a solid £97 billion to the UK’s wider economy in 2015.

Furthermore, the industry’s meteoric rise in job positions dwarfs that of other industries.

By 2016 it produced 85,000 opportunities, and boasts an increase of 13% in advertised salaries from 2012.

This progression is more than triple the amount of other non-digital markets, which weigh at a comparatively measly 4%.

UK tech firms - Compelo

UK tech firms: All dressed up with nowhere to go

However, while the darling of UK industry is displaying major potential as a global economic force, it’s suffering a drought of suitably skilled workers.

With no one to fulfil these blooming positions, and with the full ramifications of Brexit cast in conjecture, pundits fear that the UK tech industry will collapse on itself.

Of concern is that over six million graduates believe that their degrees are outdated. Following hot on the heels of this sentiment, is that almost 50% of UK grads are clueless as to how they can penetrate the tech industry’s most desired jobs.

Lastly, a troubling 5.6 million individuals across the nation regret the time and money they dedicated to achieving their degree.

The statistics uncover a worrying disconnect.

Job seekers hold inadequate qualifications that are incapable of populating the supply of tech jobs crucial to the industry.

Therefore, the data suggests that the university system is delivering a sub-par return of investment to its degree holders.  Should this trend continue the consequences will have far-reaching impacts.

In light of Brexit, UK tech firms could suffer crushing financial blows if the job market remains underpopulated.

Furthermore, wary of invaluable IT degrees from the nation’s universities, potential students could take their talents and money overseas.