Poor connectivity costing London SMEs £28bn per year

SMEs in London are missing out on an estimated £28bn in annual revenue due to slow and unreliable workplace broadband, according to research from G.Network.

The altnet conducted polls which found broadband issues have also negatively affected productivity for a quarter of all employees at the capital’s SMEs over the last three months.

The estimated annual lost output due to these broadband issues is estimated at £5.34bn Gross Value Added.

The study showed that 52% of senior leaders and business owners of London SMEs have considered moving office location to get access to faster and more reliable internet, with four in 10 stating they can’t serve clients in the way they’d like due to problems with slow or unreliable office internet.

A quarter admit that problems with slow or unreliable broadband have caused them to lose business.

Kevin Murphy, CEO of G.Network, said: “Digital connectivity is at the heart of London’s economy, but despite extensive availability the SMEs we spoke to for the research are still suffering because connections are too costly and complicated.

“As an SME ourselves, we understand the challenges they’re facing, and we’re determined to put an end to slow internet speeds.”