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Broadband, home phone and TV provider Sky made a £5.4 billion contribution to UK gross domestic product (GDP) in 2011, it has been reported.

Research conducted by Oxford Economics reveals the company generated £2.3 billion in tax for the Treasury and supported 120,000 British jobs.

The consultancy said Sky has stimulated economic activity in a wide range of associated companies and industries, through relationships with thousands of UK suppliers and business partners.

Last year, Sky generated sales of £6.4 billion and over 75 per cent of this revenue was retained in the UK.

The firm's direct contribution to GDP of £2.2 billion is equivalent to around 40 per cent of the contribution made by the entire TV and radio creative sector in the UK, Oxford Economics claimed.

Jeremy Darroch, Sky’s Chief Executive, noted that the firm has grown rapidly since its business was established just over 20 years ago.

"Along the way we have taken risks, invested billions of pounds and been a driving force for innovation and change in our sector," he stated.

"As a result we have transformed UK consumers’ experience of television and home communications, while generating significant returns for our shareholders and contributing positively to the UK economy as a whole."

Mr Darroch said he hopes Sky’s story provides "a good example" of the important contribution that a successful British company can make, particularly at a time when economic growth is harder to come by.

"As we look ahead, our appetite to invest remains strong and we hope to contribute even more in the future," he stated.

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