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Tech firms signal decline in business activity

The UK’s tech sector suffered its worst performance since the global financial crisis in the opening quarter of 2020, according to KPMG’s quarterly survey of UK technology companies, as the COVID-19 pandemic led to a swift decline in non-essential spending and escalating uncertainty about the economic outlook.

In particular, tech firms noted that the public health emergency led to a rapid fall in nonessential corporate spending, cancelled projects and widespread closures among clients. Despite the marked fall in overall business activity, some areas of the tech sector continued to report growth during Q1 2020. These companies often commented on rising demand for services related to home working and business continuity.

www.kpmg.com

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