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The British government should invest more in the technology sector as it looks for routes to recovery with the IT sector of the UK economy expected to be a solid performer already contributing £102bn to the country.
The latest Business Software Alliance (BSA) Global IT Competitivness Index shows that the UK has moved up from sixth place to fith and it continues to outperfom other neighbours including France, Germany, Italy and Spain.
The British tech sector is also seen as one of the best places to develop talent and skilled technical staff and the BSA praised the intellectual property protection measures taken to ensure investments in software were not eroded through copyright infringement.
"It is abundantly clear from this year's IT Industry Competitiveness Index that investing in the fundamentals of technology innovation will pay huge dividends in the long term," said BSA president and CEO Robert Holleyman.
He added that there was no single monopoly held by a single country on technology and as a result there was even more incentive for those able to influence investment to boost the chances of the UK moving up against its rivals in the table USA, Finland, Singapore and Sweden.
"In the years ahead, policy and business decision makers in the UK have an opportunity to build on that momentum. We know from global experience it will be worth the effort," added Holleyman.