Indicated by: Debashis Sarkar
Last updated: June 12, 2023, 6:01 PM IST
London, United Kingdom (UK)
London Tech Week 2023: Prime Minister Rishi Sunak feels there is a certain sense of “urgency and responsibility” in seizing the ‘AI-driven tech opportunity’ to help the UK become the ‘best country in the tech business’. Speaking at London Tech Week 2023 – the UK’s largest technology conference – the Prime Minister said his aim is clear: “to act quickly to maintain the UK’s position as one of the world’s tech capitals”. Investing in newer technologies including AI, quantum, synthetic biology and semiconductors is one of his priorities to grow the UK economy.
“I believe the UK can achieve this goal because we are starting from a position of strength. We’ve made 134 unicorns in the last ten years – third in the world behind only the US and China. We are one of the most digitally literate societies in the world, with a higher percentage of STEM graduates than the US and 4 of the world’s top 10 universities,” Prime Minister Rishi Sunak said.
Speaking of turning this goal into reality, he said: “It is this government that is building the most pro-investment tax regime, increasing public R&D investment to record levels and making our visa system for international talent one of the most competitive in the world. makes. world. We are revising our listing rules to make it easier for companies to raise public funding, and changing our pension rules to unlock new private capital.”
He further added: “I created a new division focused on science, innovation and technology with a mission to do things differently – from bringing in leading experts to taking more risks to support innovation. when it came, it was this government that acted to save Silicon Valley Bank.”
Looking at key tech company statistics in the UK, jobs in the wider digital technology economy are said to account for around 14% of the UK’s workforce up from 4.7 million people in 2022. On average, tech salaries are close to 80% higher than salaries for non-technical jobs in the UK, at £62,000 compared to £35,000 as of Q1 2022
The value of the UK technology and digital ecosystem will reach more than $1 trillion by 2022, more than 17x its value a decade ago. The UK is the third country in the world to do so, after the US and China.
“If our goal is to make this country the best place in the world for technology, AI is certainly one of the biggest opportunities ahead of us,” he said.