The UK economy could be boosted by £92 billion and create an extra one million jobs if businesses were able to fully embrace the power of digital communications, including ultrafast broadband.
That is the main finding of a new research report from Oxford Economics published by Virgin Media Business, insisting that faster broadband would present one of the biggest boosts to the UK economy.
The report, entitled the UK's £92 billion Digital Opportunity, interviewed over 1,000 senior executives from across the country in a bid to understand the impact of digital solutions and skills.
It claimed one of the best ways of supporting businesses would be to help promote the coverage and roll-out of better technical solutions, which could include the improved availability of ultrafast broadband.
Faster and more reliable connections was identified by 54% of respondents as being the preferred solution to building digital capabilities, while a further 66% said it was likely to be adopted within the next three years.
Another 46% called for better education of digital skills in schools and universities, while 41% called for less regulation and government interference.