PM celebrates UK tech industry at London Tech Week
Global tech companies announce plans for £1.2 billion investment into the UK, highlighting the strength of the UK tech industry
Tech companies across the globe have backed the UK with investment of more than £1.2 billion, the Prime Minister will announce today (Monday 10 June).
Speaking at London Tech Week, the Prime Minister will make a number of ambitious commitments that will ensure the UK remains the largest tech hub in Europe.
• £153 million government funding, with an additional £205 million pledged by industry, to unlock the potential of quantum technologies, including accelerated drug development from quantum computing
• 2,500 places available for the first time for AI and data conversion courses starting next year, to equip tech-driven businesses and people across the country with the skills they need. This includes 1,000 government-funded scholarships to open up opportunities for people from all backgrounds
• Launching a study into tech competitiveness to identify opportunities and support for digital businesses to ensure the UK remains the most attractive place to build a tech business. This will be led by industry: Cindy Rose from Microsoft UK, Suzanne Ashman from LocalGlobe, Stephen Coleman from CodeBase, and Avid Larizadeh Duggan from Kobalt
The Prime Minister is expected to say on the British tech sector:
"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…
"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."
Later today, 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 released today 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.