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 develop 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 instructed inventive trade bosses “the largest alternative for the UK going ahead is to be the world’s subsequent Silicon Valley”.
“We’ve the elements to do one thing outstanding,” he mentioned.
“We don’t simply have the creativity, the entrepreneurs, the wonderful companies, however now we have the world’s second largest monetary sector to assist these companies develop and now we have one of many world’s most revered larger schooling sector’s to offer the analysis and growth heft to sit down behind it,” he continued.
“It’s a novel 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 inventive industries on the forefront of tech growth, saying: “Expertise wants creativity and creativity wants expertise.
“All of your companies have been fully remodeled by tech during the last decade however really the tech trade wants the creativity that’s the start line of all of your companies.”
‘Not there but’
Nonetheless, he harassed that the UK was nonetheless a way off attaining tech superpower standing.
“We aren’t there by a really great distance however within the final 10 years now we have develop 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 in the case of offshore wind.”
His feedback come after Rishi Sunak and science, innovation and expertise secretary Michelle Donelan unveiled the Science and Expertise Framework in March.
Ministers wish to cement the UK as a tech superpower by 2030 and have pledged £370m to spice up funding in innovation, convey international expertise to the UK and fund cutting-edge AI analysis.