Theresa May desires post-Brexit UK to remain ‘finest location in Europe’ for tech

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UK Prime Minister Theresa May spoke at the opening of UK tech week.


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Brexit is coming, the prime minister is going, and on the other hand the British tech market waits to see whether it’ll keep its lead in the London tech scene.

For the present leader of the UK, Theresa May, making sure the nation continues to draw in the very best tech skill and brand-new services is a concern, she stated speaking at the launch of London Tech Week on Monday.

“I want to make sure Britain stays the best place in Europe to launch and grow startup,” stated the outbound prime minister, who resigned as leader of the Conservative Party recently and will step down as the nation’s leader as quickly as a follower is selected. “We want this to be the place everyone thinks of, and comes to, first when they want to develop their world-changing tech ideas.”

The UK is presently house to 20 out of the 64 billion-dollar tech business (frequently described as unicorns) in Europe, with research study launched by the federal government on Monday revealing that 13 such business were formed in the nation in the in 2015 alone. London was likewise the leading location in Europe for innovation financial investment in 2018, bring in almost double the quantity of financing than its closest competitor Berlin.

The British tech sector is growing over one and a half times quicker than the remainder of the economy, including more than £130 billion to the nation’s economy every year, stated May. But in spite of its present strength, the UK’s position as Europe’s tech leader is under risk. With the due date for the UK leaving the EU pressed to the end of October, there stays considerable unpredictability in the tech market and beyond about what the effect will be on the British tech sector.

“For the existing and established companies, whatever happens, these companies will be prepared,” stated Taavet Hinrikus, CEO and co-founder of monetary tech business TransferWise, likewise speaking at the Tech Week launch occasion. New business, on the other hand, will need to weigh whether its rewarding for them to develop a company in the nation, he stated.

May stated that essential to protecting the UK’s future as a leader in tech will be protecting relationships with worldwide partners all over the world — something the federal government will do through approaching future economy trade objectives. The UK likewise boasts a strong regulative environment, stated May, which need to guarantee it stays a great location to do organization for huge tech and brand-new gamers alike.

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“The right regulation is what makes capitalism work,” she said. “It’s been true of previous technological revolutions, but government, and the sector as it becomes more mature, now see smart regulation as part of a thriving digital economy, rather than a threat to innovation.”

The prime minister used the Tech Week launch event opportunity to announce a raft of investments — both from the government and industry — in UK tech totaling £1.2 billion ($1.5 billion). Quantum computing is a major recipient of the funding, along with programs where people can take AI and data conversion courses.

May also announced the launch of a tech competitiveness study, which will be conducted by industry partners including Microsoft. The aim is to identify opportunities and support for digital businesses in order to ensure the UK retains its current lead. “If we’re going to maintain our position as global leader, our challenge is how we develop British tech and make it even better,” she said.