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Faster broadband on its way

28.11.13

A report released earlier this month by the UK Government highlighted the economic benefits of investing in 'superfast broadband' and how it will allow more of us to work from home.

The forecasted benefits include £1.5bn in short-term economic gain due to the creation of jobs in 2014 to construct the network. By 2024, the economy will benefit by £6.3bn every year.

Superfast broadband isn't the only recent technological advancement that's tipped to improve the economy – the recent introduction of 4G mobile technology is said to be worth up to £4bn in economic terms.

Until now, the UK's broadband speeds have been lacking behind other countries around the world, in particular Asia, where countries like Japan, South Korea and Hong Kong have some of the best broadband speeds on the planet.

In August 2012, Jeremy Hunt MP aimed to give the UK the fastest broadband speed out of all 'major European countries' by 2015.

Secretary of State for Culture, Media and Sport Maria Miller said:

"Our broadband rollout is one of the best in Europe with almost three quarters of the UK able to access superfast speeds. This is making a real difference to people in communities across the UK from small businesses able to expand, school children being able to log on to do their homework or people being able to work from home.

"This investment in technology is vital for our future and will help Britain continue to compete in the global race and improve the way we live and work."

It is predicted that working from home several days per week will become more common, meaning annual household savings of approximately £45m.

Click here to look at the official report: UK Broadband Impact Study.

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