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London Tech Week: PM announces plans for £1.2bn investment into UK tech industry

Tech companies across the globe have backed the UK with an investment of more than £1.2 billion.

Speaking at London Tech Week, which started today (June 10th), the Prime Minister made a number of ambitious commitments to ensure the UK “remains the largest tech hub in Europe”.

“Already we are one of the best places in the world to start and grow a tech business. British tech is growing over one and a half times faster than the rest of the economy, adding more than one hundred and thirty billion pounds to our economy every year,” said the Theresa May.

“But if we are going to maintain our position as a global leader, our challenge is how we develop British Tech and make it even better. We want this to be the place everyone thinks of – and comes to – first when they want to develop their world changing tech ideas. This is a challenge shared between industry and Government.

“Today as we sit on the cusp of the next great industrial revolution, we have the opportunity to work together and ensure that the advances we see transform our world for the better, and for the benefit of everyone. Government will back you all the way.”

At London Tech Week, the Prime Minister will host a roundtable for leading tech companies, including Microsoft UK, Google and Monzo, where they will discuss opportunities to fully harness the power of technology to enhance competitiveness, boost the economy and tackle societal challenges.

This comes as thirteen businesses choose to invest in the UK as the top destination for tech innovation and talent. These include plans for a £1 billion investment by VMware over the next five years; a £12 million investment by Mastek in a new digital skills programme for graduates in Leeds; and a £150 million investment in a new data centre by Markley Group which will create 200 jobs.

New data by Dealroom and Tech Nation shows to date the UK has produced 72 tech companies worth $1 billion, substantially higher than any other country in Europe, and outlines that tech start-ups have raised a record $4.8 billion in venture capital investment over the first five months of 2019.

Find out more about what’s going on throughout London Tech Week here.

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