The UK’s tech sector could grow to a valuation of almost £4 trillion by 2032 with the right support, according to Tech Nation.

In its final market report, having wound up after losing out on government funding to Barclays Eagle Labs, the growth platform for tech startups said the UK tech ecosystem would reach $2.6 trillion if the momentum gathered over the past decade is maintained.

However, it added that if better conditions for scaling can be created, the opportunity of UK tech is potentially much greater.

To achieve the £4 trillion target, Tech Nation recommended four actions to achieve the target.

It said that tech leaders in the UK must prioritise value realisation and develop a “Silicon Valley-like” sense of exit intentionality, adding that capital and talent must continue to be efficiently recycled through the ecosystem to create additional value, while “knowledge must be deepened and shared around late-stage growth”.

Noting that underrepresentation in tech is rife, it also called for a rethink on talent gaps, and to emphasise opening access to opportunities in tech for all people.

The group also highlighted the importance of having the resources to live up to the promise of creating a global science superpower, as recently outlined by the government.

Pointing to DeepTech and climate tech, Tech Nation emphasised the importance of continued investment to help stimulate and sustain growth.

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