UK has ‘biggest internet economy’, says research

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The UK has a bigger online retail market than anywhere in the world, according to a report commissioned by the Boston Consulting Group (BCG).

Forward2me has read a new report which has uncovered how much the UK leads the world in the online marketplace.

Over the next four years it is predicted the UK internet retail sector will grow by 11%, increasing the total value of the national economy by 16% to £221 bn. This is almost double the estimates for the US and Chinese economies.

Forward2me sends items bought from UK retailers to destinations all over the world and is best placed to observe this trend.

While it’s clear that UK consumers have a fondness for online buying, online shoppers from outside the UK are buying British more than ever before.

The Boston Consulting Group (BCG) found the internet contributed 8.3% (£121 bn) to the UK economy in 2010, which represents an average of £2,000 per person.

Commentators are confident this will provide some welcome news to small to medium sized web-based companies, which can now look to grow in spite of the UK’s economic woes.

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