Tech sector is growing at a '˜remarkable rate'

In 2017, 1,296 software development and programming businesses incorporated in the region.This is a stark increase from the 925 firms set up in 2016.

Companies House has revealed that the region is accounting for the highest number of new tech companies in the UK after London.

The announcement mirrored the Chancellor’s claim in the Spring Statement that a new tech business is started in the UK every hour.

Simon MacDonald, a partner and specialist at audit, tax and consulting firm RSM. said: ‘These figures show that, despite the fears of a post-referendum slowdown, the region’s tech sector is incredibly vibrant and growing at a remarkable rate.

‘There are a number of reasons for this. The region’s universities are playing a key role in developing and nurturing exceptional talent.

‘The country – and the London and South East regions in particular – are also continuing to attract the world’s brightest and best.’