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Report shows Huawei is responsible for £3.3bn GDP and supports 51,00 jobs
Independent research from Oxford Economics has revealed the full extent of Huawei’s positive contribution to the UK economy.
The Chinese Vendor is responsible for £3.3bn to GDP and supports 51,000 jobs through its economic activity, according to the report.
The report revealed Huawei’s contribution to the UK economy has grown by 180 per cent in real terms in the four years from 2015-2019.
In 2019 alone, Huawei supported £1.1bn in UK tax revenues which is sufficient to pay for over 30,000 teachers’ salaries.
Oxford Economics also revealed that Huawei had an economic reach across the nation. It’s biggest contribution was in London (28.9 per cent) and the South East followed with 21.2 per cent. Nearly half of its economic impact was in other parts of the UK.
Around £400m is contributed to the East of England, where Huawei has research facilities in Cambridge and Ipswich.
Scotland also benefitted from £149m, Northern Ireland by over £46m, and the North West by £235. The jobs that Huawei has supported spread across the nation.
Huawei has supported a large number of UK companies in its supply chain and has spent £1.3bn with suppliers in 2019. The company also spent over £4.1bn with suppliers in the last five years.
Oxford Economics director of economic impact Pete Collings said: “This report is an objective way to show the full extent of Huawei’s economic impact in the UK.
“Companies like Huawei are major contributors to the UK directly but their impact is extended through the spending they undertake with other UK firms.
“This spending, and the further economic activity it generates, sustains jobs across the country, contributing to UK GDP and government tax revenues.”
Huawei vice president Victor Zhang said: “Huawei stands ready to help Britain build back better. As this report shows, we have connected every part of the UK, helping to level up the country by supporting economic activity throughout the nations and regions.
“But we can do much more, helping to close the digital divide and put Britain back in the fast lane.
“We hope the British government will keep an open mind and consider the economic consequences to a delay on the rollout of high-speed networks. There is a better way forward.”