5G could boost the UK’s economy by up to £15.7 billion in the next six years.
That is the prediction made as part of a new report on 5G by British bank Barclays.
The bank has suggested an ‘optimisitc outlook’ which would see the next network upgrade from current 4G technology make a significant boost to UK businesses, but also warns of hurdles caused by Brexit uncertainty and a misunderstanding of 5G.
“Brexit has caused a huge amount of near-term uncertainty in the UK economy and it’s only natural that businesses are somewhat distracted from the larger picture with such an event on the horizon” said author of the report Sean Duffy, head of technology media and telecoms at Barclays.
According to the report, only 28 per cent of businesses know what 5G is and what it could do on a practical level.
“Businesses that invest in preparing will gain a competitive edge, yet our research suggests few companies are ready for its introduction,” said Duffy.
Vodafone was the first company in the UK to carry full 5G over a commercial network in Salford, Manchester, using its converged fibre nationwide network.
Though the technology is beginning trials, Duffy warns that the both business and government could be slow in taking up the technology.
Only 9 per cent of businesses surveyed for the report said they were planning to allocate significant levels of resources to the imminent roll out of 5G.
“All of the monetary benefits, innovation and intangible economic boost will only come if business, government and mobile infrastructure providers are ready for the change,”
“To create the greatest increase in revenues, employment and the economy, it is clear that firms across the business spectrum must work together with 5G networks to ensure they are strongly prepared for the implementation of 5G technologies.”