A new report has analysed the international tech giant’s net contribution to the UK economy
International tech giant, Huawei, contributed a colossal £1.7 billion to the UK economy in 2018, according to an independent industry report.
Global advisory firm, Oxford Economics, released a report into Huawei’s impact on the UK economy, finding that the company’s annual spend had increased six-fold since 2012.
The report found that Huawei supports the jobs of 26,000 workers in the UK, either directly or through its expansive supply chain network.
The report found that Huawei contributed £287 million to the UK economy on a ‘direct value added’ basis. UK companies spent a further £806 million on equipment from Huawei, primarily in the telecoms and technology markets. Huawei’s employees spent a further £598 million in 2018, bringing Huawei’s total impact on the UK economy to £1.7 billion.
“The UK has an outstanding reputation for nurturing business growth and pioneering innovation, and we are extremely proud of our relationships with our partners in the UK. Huawei has enjoyed great success helping to build the UK’s telecoms networks, and we remain fully committed to the UK. This is one of our most important markets globally and we fully intend to help it remain a leader in new technologies,” said Sir Andrew Cahn, non-executive director, Huawei UK.
Huawei has committed to spend £3 billion with British suppliers between 2018 and 2022 as the country looks to ramp up its 5G rollout plans. Last year alone, Huawei spent £900 million with British suppliers, as the tech giant looks set to exceed its spending commitments in the UK.
“Today’s findings prove Huawei’s value and contribution to the UK economy. As part of its Industrial Strategy, the UK Government has said it wants ‘a Britain that lives on the digital frontier, with full-fibre broadband, new 5G networks and smart technologies’. We are proud of the role we have played in helping to develop the UKs digital infrastructure and we remain committed to being a strong and innovative partner to our customers,” said Huawei UK’s CEO, Jerry Wang.
Oxford Economics’ director of economic impact consulting for Europe and the Middle East, said that the research highlighted Huawei’s importance to the UK economy.
“Our research highlights how Huawei has continued to make a substantial contribution to the UK economy. This extends beyond the company’s own operations, to include significant activity throughout the breadth of the UK economy, as Huawei conducts crucial research and development in the UK and draws on UK-based firms to deliver the inputs required for its global business.”
You can download a copy of the report here…
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