Published: Wed, November 15, 2017
Business | By Max Garcia

United Kingdom tech industry gets £21m boost from the government

United Kingdom tech industry gets £21m boost from the government

Mrs May praised the "immense contribution to our economic life and to our society" made by tech firms.

The Prime Minister said the measures will help the country "build an economy fit for the future".

Eleven regional hubs will form the backbone of a "national network of digital excellence to reflect the country's standing as a global powerhouse for tech industries", the Government said in a statement and help it achieve aims outlined in its Industrial and Digital Strategies.

The home secretary Amber Rudd will meet with the industry for input on making the visa process more efficient.

The Home Office will double the number of Tier 1 Exceptional Talent Visas available to overseas workers to 2,000, allowing them to seek work in high-demand sectors, including the tech industry. Tech giants such as Facebook, Google, Amazon and Snapchat have said they need to be able to attract the best people once they increase hiring in the UK.

"Under the Tech Nation banner, this country that has brought so much innovation to the world and leads in sub-sectors such as fintech, cyber security, artificial intelligence, robotics and life sciences, will build a national network of digital excellence so that the United Kingdom will continue to be recognised as one of the best places in the world to start or grow a digital tech business".

For example, the Government body Innovate UK funds, supports and connects businesses, research and entrepreneurs across the country, but has 300 staff and an annual investment budget of over £560m.

"And as we prepare to leave the European Union, I am clear that Britain will remain open for business".

'Britain is a world leader in digital innovation with some of the brightest and best tech firms operating in this country, ' claimed Chancellor Phillip Hammond in support of the announcement.

Tech Nation isn't entirely new, instead it's a rebranding of Tech City UK (originally Tech City London) but with a bigger UK-wide mandate, since the original group was criticised for being far too London-centric. "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 United Kingdom will continue to be recognised as one of the best places in the world to start or grow a digital tech business".

Ahead of the upcoming Budget, the government has launched several initiatives aimed at gaining increased support for the UK's tech industry during a time of uncertainty brought on by Brexit.

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