Home Business UK tech sector gets £2.3bn investment boost

UK tech sector gets £2.3bn investment boost

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10 Downing Street in London

£2.3bn of private investment and 1,600 new jobs were announced Tuesday at an event in Downing Street as part of London Tech Week. British prime minister Theresa May confirmed new ‘Start-Up’ visa to give accelerators key role in bringing business founders to the UK. £2.5bn Patient Capital Fund also launched to help promising UK companies to go global….reports Asian Lite News

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British Prime Minister Theresa May (Xinhua/Tim Ireland)

1,600 new jobs and billions of pounds of investment into the UK economy were announced Tuesday as part of an event Prime Minister Theresa May hosted at Downing Street.

The Prime Minister hosted a raft of cutting-edge companies for a roundtable, as part of London Tech Week, to showcase Britain as the best place in the world to run a tech company. This event kicks off a series of roundtables to drive inward investment in key sectors.

May, in turn, made a number of commitments so that tech companies will also benefit from government funding, and greater access to talent and data under new plans.

Over 180 tech founders, entrepreneurs and investors also attended a reception at Downing Street, which will celebrate the UK’s position as a world-leading destination for tech investment.

Britain is leading Europe in tech investment as evidenced last week when Amazon announced the creation of 2,500 jobs here and the Big Commerce announced that it will open its first European office in London this year.

BIRMINGHAM, Oct. 3, 2016 (Xinhua) -- British Chancellor of the Exchequer Philip Hammond delivering a speech on Day Two of the Conservative Party Conference in Birmingham, England, on Oct. 3, 2016. (Xinhua/IANS)
British Chancellor of the Exchequer Philip Hammond (Xinhua/IANS)

Last year, British tech businesses attracted $7.8bn of funding, almost double the amount received in 2016, compared to France and Germany’s combined total of $6bn and the Prime Minister reaffirmed that the UK’s leadership is set to grow as our modern Industrial Strategy drives further investment in centres of UK expertise.

Some 2.1 million people are now employed in the digital tech economy and a new digital tech job is created in the UK every 50 minutes, according to new estimates released this week by Dealroom and Tech Nation.

Founders Forum, who also was in Downing Street on Tuesday, will also launch a new start-up competition across UK secondary schools and universities to inspire the next generation of entrepreneurs.

“The measures we are announcing today will allow innovative British start-ups to invest in their future – and in the UK – by hiring more skilled people, expanding their business and exporting their expertise across the world,” said Prime Minister Theresa May.

“It’s a great time to be in tech in the UK, and our modern Industrial Strategy will drive continued investment, ensuring the nation flourishes in the industries of the future and creating more high-paying jobs,” she added.

Chancellor Philip Hammond said: “The UK is home to some of the world’s most innovative companies and I want to make sure that they stay at the forefront of the tech revolution. So, British Patient Capital will provide an extra £2.5 billion for these cutting-edge business ensuring Britain remains one of the best places to start and grow a company.”

LONDON, Jan. 10, 2018 (Xinhua) -- Liam Fox, Britain's international trade secretary, arrives for the first cabinet meeting of the year, following yesterday's cabinet reshuffle, at 10 Downing Street, in London, Britain, on Jan. 9, 2018. (Xinhua/Tim Ireland/IANS) by .
Liam Fox, Britain’s international trade secretary (Xinhua/Tim Ireland/IANS)

International Trade Secretary Dr. Liam Fox said: “The UK is already a world-leading destination for tech investment with one tech start-up opening every 50 minutes. Our tech sector, with our strong legal system, skilled workforce and low taxation economy combine with our world class universities to make us the most attractive home for investment in Europe.

“As an international economic department, DIT will continue to encourage investment from overseas with a further series of events to attract inward business. Last month we launched a new online portfolio of opportunities worth £30bn, and in turn this will drive growth and create jobs in our economy.”