The UK economy was the fastest-growing economy among the G7 in the first half of 2024, with GDP growing by 0.5 per cent in the three months to July. Business activity has continued to grow, but experts expect the pace to be slightly slower going forward as they transition to a new Labour Government.

However, UK inflation is anticipated to continue to fall over the coming months, leading to yet more interest rate cuts by the Bank of England. These cuts will provide an extra boost to both consumer and business confidence and should result in the UK maintaining its impressive growth rate going forward. Despite tough economic conditions both globally and domestically, many industries in the UK have seen great success over the past year. Sectors that have seen the largest growth numbers include renewable energy, online gaming and casinos, healthcare, ecommerce and many more.

Renewable Energy

The new Labour government has made renewable energy a flagship policy for its time in office. As a result, the sector is experiencing exponential growth, as the nation commits to sustainability and a reduction in carbon emissions. 

Statistics from the Department for Business, Energy and Industrial Strategy, suggest that renewable energy sources accounted for 47% of the UK’s electricity generation in the first quarter of 2024. New Government Initiatives such as the Renewable Energy Roadmap, Green Deal, and increased investment in wind, and solar, is expected to see the UK emerge as a leader in clean energy production. 

As technology continues to improve, the renewable energy sector is expected to see growth in areas such as:

• Production and servicing of low carbon transport.
• Energy efficient retrofitting of buildings.
• Fitting of low carbon heat sources.
• Construction and installation of low carbon electricity generation including solar and wind.
• Carbon capture.

Online Casino Industry

The gaming industry has seen unprecedented growth globally, but the UK has more favourable laws when it comes to gaming than many other countries. Successful sites such as casinos.com, are evidence of the booming online casino industry in the UK, as more and more people discover the joy of accessing their favourite games anytime and anywhere, they choose.

With tax revenues increasing, government regulations are expected to continue to evolve, providing ever more competition in this profitable sector. That means operators will have to continue to improve their offerings to UK gamers with ever more game titles, improved user experience, and the use of bonuses and promotions.

The future looks bright too, with advances in technology predicted to revolutionise this exciting industry still further. Artificial Intelligence, Virtual Reality, and enhanced graphics and sound effects will provide players with a fully immersive gaming experience that mimics the experience of a land-based casino, all without the hassle of a dress code, queues, or opening times.

Healthcare

In England alone, the number of people aged 65-79 is expected to increase by 30% to over 10 million within the next 40 years. The fastest growing sector of the English population is people aged 80 and over, with the number of octogenarians set to more than double to over 6 million. 

Experts forecast that by 2030, the health industry will need an extra 488,000 health care staff, plus an extra 627,000 social care staff to meet the demands of this ageing population. Despite this, the industry is confident that the main driving force in the sector will be technology.

In the UK, the sector is undergoing a digital transformation, driven by technological innovations such as data analytics, remote patient monitoring, AI-driven diagnostics, genetic research, and improved vaccines. This technology is expected to reshape patient care and the delivery of that care, transforming lives and improving health outcomes.

Property And Construction

The property and construction industries are inevitably tied together, and combine residential houses and flats, plus commercial sites such as shops, offices, warehouses and more. High interest rates have kept a lid on house prices in recent years, however, values still rose and the sector continued to grow.

With news of interest rate cuts in the pipeline thanks to falling inflation, the sector can expect a significant boost. Especially when combined with the new Governments pledge to increase housebuilding.

Figures show that 212,570 new homes were built in 2022/23, an increase of only 900 from the previous year. More importantly, this is substantially below the Labour government’s target to construct 1.5 million new homes in the next five years – that’s 300,000 new homes per year.

The government hopes to build 1.5 million more homes over the next five years. To achieve this, it proposes to reform the planning process, release more green belt land, and reintroduce mandatory housing targets for local authorities.

Cybersecurity

As we transition to an ever more technological world, the threat of cyber-attacks has become a top priority for both organisations and governments alike. Sensitive commercial data, intellectual property, and critical infrastructure are all at risk from ever more sophisticated hackers.

Cyber security aims to prevent unauthorised access to valuable data and networks and build systems that are able to withstand these significant and dedicated attacks. The industry is expected to grow significantly as it responds to ever more advanced hacking attempts from lone wolves, commercial entities, and rogue states.