Failure to invest in digital skills could hamper the UK’s ability to compete on the world stage, according to Barclays.

The Canary Wharf bank published its findings as it launched the Barclays Digital Development Index, aimed at understanding whether the country was ready for the digital economy.

It follows reports that the UK was losing £63billion a year due to its digital shortcomings.

Barclays UK CEO Ashok Vaswani said: “We urgently need to secure London and the UK as the world’s pre-eminent powerhouse of tech innovation as well as make sure that the UK has the digital skills and expertise to compete globally across all sectors and industries.

“At a time when the UK is considering its future outside the European Union, we have to remember that competing in the digital economy isn’t simply a European question, it’s about a global race that will define how prosperous and successful we are for decades to come.”

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