UK200Group member comments on research that shows technology is a key driver for growth
A member of the UK200Group of independent accountancy and law firms has today commented on new research showing that technology has been the driver of growth in the UK for more than 100 years.
A study of census data from England and Wales dating back to 1871, by a team of economists at Deloitte, claims to have shown that advances in technology have been key drivers in the growth of jobs and the economy in the UK.
Jonathan Russell, partner at UK200Group member firm ReesRussell, said: “As is often the case, the headline is not the entire truth. The report does highlight that new technologies may well mean that jobs are lost as a result of technology making that particular role redundant, but they also highlight that the advance of technology has created more new jobs than the jobs that have been lost.
“The report does not mean that firms must invest in technology, but confirms that firms must be prepared to change as technology advances. There is an argument that economic growth has been achieved because of technology, but the core is that technology has enabled the change of working and business practices, which in turn has created greater efficiency.
“There is always the core commercial decision to be made – just because technology might be able to do something does not necessarily mean that it should be done that way or that the technology is an improvement. The business case should always be – what is it that I want to do or achieve? How can I do it or achieve it? Is there any technology or development of technology which would make it easier to do or achieve?”