Prime minister Theresa May is hoping that the UK’s technology sector can help alleviate the financial burden of Brexit. May has pledged to invest some £21 million to expand Tech City UK. She has also set aside £20 million for a training programme that will encourage thousands of teenagers to get involved in cyber security. And thirdly, the government is set to pledge £20 million to fund new tech innovations like AI into public services.
The PM is also set to hold talks with leading digital companies and innovators across the country. As well as piling money into home grown talent, May is doubling the number of visas – to 2,000 – available to tech whizzes around the world to accelerate growth in the industry.
Prime Minister Theresa May said: “Our digital tech sector is one of the UK’s fastest-growing industries, and is supporting talent, boosting productivity, and creating hundreds of thousands of good, high-skilled jobs up and down the country.
“It is absolutely right that this dynamic sector, which makes such an immense contribution to our economic life and to our society, has the full backing of Government. Helping our world-class entrepreneurs and innovators to succeed is how we lay the foundations for our prosperity and build an economy fit for the future.
She added: “Technology is at the heart of our modern Industrial Strategy, and we will continue to invest in the best new innovations and ideas, in the brightest and best talent, and in revolutionary digital infrastructure.
“And as we prepare to leave the European Union, I am clear that Britain will remain open for business. That means Government doing all it can to secure a strong future for our thriving tech sector and ensure people in all corners of our nation share in the benefits of its success.”
Eileen Burbidge, Chair of Tech City UK, was among a number of industry experts to praise May’s decision. She said: “We are delighted to hear that the Government wants to increase Tech City UK’s funding for the next four years. Under the Tech Nation banner, this country that has brought so much innovation to the world and leads in sub-sectors such as fintech, cybersecurity, artificial intelligence, robotics and life sciences, will build a national network of digital excellence so that the UK will continue to be recognised as one of the best places in the world to start or grow a digital tech business.”