4:59 AM 18th November 2020
Huawei Contributes £3.3bn And 51,000 Jobs To UK Economy
The full extent of Huawei’s positive contribution to the UK economy is identified in an independent report released today.
The global tech leader is responsible for a £3.3bn contribution to GDP and supports 51,000 jobs through its economic activity, according to the report compiled by leading business analysts Oxford Economics.
The report shows Huawei’s contribution to the UK economy has grown by 180 per cent in real terms in the four years from 2015-2019.
In 2019 alone Huawei also supported £1.1bn in UK tax revenues – sufficient to pay for over 30,000 teachers’ salaries.
Oxford Economics also reveals Huawei’s economic reach across the nations and regions of the UK. While its biggest single contributions were in London (28.9 per cent) and the South East (21.2 per cent), nearly half of its economic impact was in other parts of the UK.
Around £400m is contributed to the East of England, where Huawei has research facilities in Cambridge and Ipswich. Scotland benefitted by £149m, Northern Ireland by over £46m and the North West by £235m. The many thousands of jobs supported are spread across the whole of the UK.
Huawei also supported a large number of UK companies in its supply chain, spending more than £1.3bn with suppliers in 2019. Huawei has spent over £4.1bn with suppliers in the past five years.
Pete Collings, Director of Economic Impact Consulting at Oxford Economics said: “This report is an objective way to show the full extent of Huawei’s economic impact in the UK. Companies like Huawei are major contributors to the UK directly but their impact is extended through the spending they undertake with other UK firms. This spending, and the further economic activity it generates, sustains jobs across the country, contributing to UK GDP and government tax revenues.”
Victor Zhang, Huawei Vice-President, said: “Huawei stands ready to help Britain build back better. As this report shows, we have connected every part of the UK, helping to level up the country by supporting economic activity throughout the nations and regions.
“But we can do much more, helping to close the digital divide and put Britain back in the fast lane.
“We hope the British government will keep an open mind and consider the economic consequences to a delay on the rollout of high speed networks. There is a better way forward.”