UK’s digital strategy unveiled as London declared top tech hub outside US

UK ministers have announced a new digital strategy to maintain and grow the UK’s position as a leader in the tech industry, as new data from the UK Digital Economy Council names London as the second most valuable tech hub.

At London Tech Week, Britain’s Minister for Technology and the Digital Economy, Chris Philp, along with Chancellor Rishi Sunak, explained what the UK needs to do to keep UK tech developing on the right way.

Philp said London’s tech sector was a global leader, touting the city’s position as the world’s most valuable tech market in 2022, outside of the United States.

Government figures showed London since January has raised £12.4bn, more than double Paris.

“Macron is going to choke on his croissants,” boasted Philp, before outlining the department’s plan to grow the country’s tech sector.

The Minister said that DCMS digital strategy will particularly focus on the development of AI, semiconductor and quantum computing sectors.

As the chancellor teased in the spring statement earlier this year, Philp has suggested an extension of the R&D tax credit scheme will feature in the upcoming autumn budget.

The digital strategy also draws attention to the need for pension funds to increase their involvement in investing in the technology industry.

“UK pension funds are missing a phenomenal opportunity,” said Philp, adding that by using pension fund investments, the UK could “unleash a wave of innovation that will truly rival the West Coast.”

The minister also stressed the need to expand the state of STEM education in the country at both lower and higher levels of education to increase the number of homegrown tech talent, in addition to those coming to the UK. United under a highly skilled worker. visa regime.