Corporate spending on IT in the UK fell for the first time in five years in 2008 - and the country's largest, most established technology and IT services companies are likely to be those worst affected as a result, one of the UK's best-known technology analysts has said.

Revenues for the UK software and IT services sector, after correcting for the effects of inflation, fell to minus 1 per cent after recording growth of more than 3 per cent in 2004-07 inclusive, according to TechMarketView, a research firm co-founded by Richard Holway.