Investment in full fibre and mobile connectivity could unlock more than 500k jobs by 2026 and add £70bn to UK GDP over the next five years.
These benefits rely on the UK rising through an index created by Virgin Media O2 and Oxford Analytica which assesses the quality of connectivity infrastructure across 24 OECD countries.
The index found that the UK is currently ranked joint 8th. Taking first place would see boosts to regional economies: £4.65bn to Yorkshire, £2.46bn to Wales, £5.19bn to the south west and £1.61bn to Northern Ireland.
New jobs would be split across the country with more than 85% of new roles created outside of London. The north west may see as many as 56,000 new jobs created; while The Midlands and Scotland could benefit from an additional 82,000 and 42,000 roles, respectively.
Small and medium sized businesses could be amongst the main winners, creating the lion’s share of the new roles.
CEO Lutz Shüler said: “We’re already taking a lead with a commitment to invest £10 billion over the next five years.
“We’re turning up the dial on the national recovery and helping the country to climb up the international connectivity league tables to create a brighter, more prosperous future for every corner of the UK.”