Report: BT ‘adds £24bn to UK economy’
February 28, 2023
The activities of BT Group added £24 billion (€22.6bn) to the wider UK economy last year and supported nearly 300,000 jobs, according to a report from consultancy firm Hatch.
The report looked at the spend of employees and suppliers of BT Group – which includes EE, BT, Plusnet and Openreach – and the estimated knock-on impact that has on economies across the UK. It found that BT Group, the UK’s largest telecommunications company which employs around 80,000 people in the UK, made a direct contribution to the economy estimated at £11 billion in the last financial year (2021/22). Through the company’s employees and its supply chain, and their subsequent spending, Hatch estimates the resulting boost to the UK economy came to a total of £24 billion.
The company’s spending with UK-based suppliers came to a total of £9.3 billion. According to the study, BT Group’s combined activities supported a knock-on total of 284,00 jobs across the UK.
The report highlights BT Group’s presence in every nation and region in the UK and its current major investment in the rollout of full-fibre broadband and 5G across the country. It also profiles the range of activities by BT Group colleagues across the UK, from the volunteers helping care home residents avoid isolation and loneliness, to the teams protecting customers and the UK from cyber threats. BT Group is also transforming its offices and contact centres across the UK and has already opened two new regional hubs in Birmingham and Bristol. New hubs are set to open in Manchester and Cardiff this year, and offices in Belfast and Glasgow have undergone major refurbishments.
Philip Jansen, Chief Executive of BT Group, said: “BT Group plays a vital role at the heart of the UK economy. We’re one of only a handful of companies that serves customers in every corner of the country. We’ve continued our major investment in building next generation full fibre and mobile connectivity rapidly across the UK. We’ve already reached 9.6 million premises with full fibre, and our 5G mobile network now reaches 60 per cent of the UK population. The benefits to families and businesses are huge: new jobs, economic growth and innovation, across every nation and region.”
“We’re also transforming BT Group so that we’re fit to power the UK economy of the future. Our new state-of-the-art offices, spread across the UK, are a central part of that, bringing colleagues together in brilliant spaces that will enable collaboration and help us to better serve our customers,” added Jansen.