Technology spending has reached a new peak with over £1 billion of venture capital was invested in technology in 2012, the highest amount since a peak in 2001.

According to research from corporate finance firm Ascendant, 2012 saw around a 28 percent increase in investment from that in 2011, with the internet sector receiving the greatest investment with a total of £456 million.

The high levels of technology investment come as the coalition government seek to develop the UK IT industry and focus on technology development with new hub facilities and ‘Tech City’ start-up projects.

Government provides £50 million for Tech City development

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