Jeremy Hunt has talked up Britain’s prospects of changing into the “world’s subsequent Silicon Valley” in a summit with artistic industries leaders.
The Chancellor has stated the Prime Minister’s ambition for the UK to turn into a “science and expertise superpower” is vital to the nation’s future.
Talking at a Treasury Join occasion in a collection of presidency enterprise conferences, Hunt informed artistic business bosses “the most important alternative for the UK going ahead is to be the world’s subsequent Silicon Valley”.
“We now have the components to do one thing exceptional,” he stated.
“We don’t simply have the creativity, the entrepreneurs, the superb companies, however we have now the world’s second largest monetary sector to assist these companies develop and we have now one of many world’s most revered larger training sector’s to supply the analysis and growth heft to sit down behind it,” he continued.
“It’s a singular mixture, it’s the mix Silicon Valley itself had. However there aren’t very many different locations on this planet which have that mixture.”
And Hunt highlighted the necessity for artistic industries on the forefront of tech growth, saying: “Know-how wants creativity and creativity wants expertise.
“All of your companies have been fully remodeled by tech during the last decade however really the tech business wants the creativity that’s the start line of all of your companies.”
‘Not there but’
Nevertheless, he careworn that the UK was nonetheless a way off attaining tech superpower standing.
“We aren’t there by a really good distance however within the final 10 years we have now turn into Europe’s largest tech centre, with the third largest sector on this planet after the US and China,” he stated. “[We’ve become] Europe’s largest life sciences sector, Europe’s second largest renewable sector and largest in relation to offshore wind.”
His feedback come after Rishi Sunak and science, innovation and expertise secretary Michelle Donelan unveiled the Science and Know-how Framework in March.
Ministers need to cement the UK as a tech superpower by 2030 and have pledged £370m to spice up funding in innovation, deliver international expertise to the UK and fund cutting-edge AI analysis.