Jeremy Hunt has talked up Britain’s prospects of changing into the “world’s subsequent Silicon Valley” in a summit with inventive industries leaders.
The Chancellor has mentioned the Prime Minister’s ambition for the UK to change into a “science and know-how superpower” is essential to the nation’s future.
Talking at a Treasury Join occasion in a sequence of presidency enterprise conferences, Hunt informed inventive trade bosses “the largest alternative for the UK going ahead is to be the world’s subsequent Silicon Valley”.
“We have now the substances to do one thing outstanding,” he mentioned.
“We don’t simply have the creativity, the entrepreneurs, the superb companies, however we’ve got the world’s second largest monetary sector to assist these companies develop and we’ve got one of many world’s most revered greater schooling sector’s to supply the analysis and growth heft to take a seat behind it,” he continued.
“It’s a singular mixture, it’s the mixture 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 inventive industries on the forefront of tech growth, saying: “Expertise wants creativity and creativity wants know-how.
“All of your companies have been utterly remodeled by tech over the past decade however truly the tech trade wants the creativity that’s the start line of all of your companies.”
‘Not there but’
Nonetheless, he pressured that the UK was nonetheless a way off reaching tech superpower standing.
“We aren’t there by a really great distance however within the final 10 years we’ve got change into Europe’s largest tech centre, with the third largest sector on this planet after the US and China,” he mentioned. “[We’ve become] Europe’s largest life sciences sector, Europe’s second largest renewable sector and largest on the subject of offshore wind.”
His feedback come after Rishi Sunak and science, innovation and know-how secretary Michelle Donelan unveiled the Science and Expertise 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 world expertise to the UK and fund cutting-edge AI analysis.