New Government figures indicate that gaining access to faster broadband has boosted UK businesses by £9 billion.
The Department for Culture, Media, and Sport (DCMS) says that superfast broadband has now been extended to almost five million homes and businesses.
Firms have received a £12.28 benefit for every pound invested by central and local authorities.
Margot James, Digital Minister said the aim was to ensure access to fast and affordable broadband for all by 2020.
In an attempt to boost the number of homes and businesses using fast broadband, Openreach has reduced the wholesale price.
Therefore, if firms such as Sky and TalkTalk increase the number of customers using their networks, the costs to firms is subsequently reduced.
Openreach Chief Executive, Clive Selley, commented on the DCMS’s report, saying the rollout of superfast broadband was a great engineering achievement.
“It is great to see businesses across the UK reaping the benefits of faster broadband speeds,” he said.
“We’ve also recently introduced a raft of lower wholesale prices to help drive higher take-up of faster fibre services which will help to further fuel the boost to the UK economy.”
At present, approximately 10 million households and businesses have upgraded to superfast broadband, with speeds reaching 24 megabits per second and above.
Currently, the highest rate of superfast broadband availability is in North East England (97.19 per cent), followed by South East England (97.07 per cent) and the West Midlands (96.56 per cent).
The lowest coverage level is in Northern Ireland (87.74 per cent), followed by South West England (93.34 per cent) and Scotland (93.53 per cent).
By 2033, the UK Government wants to see all of the UK on full fibre broadband.