Global surge in UK tech investments

Investments of more than a £1 billion have been earmarked by global tech companies for investment in the UK, Prime Minister Theresa May revealed on Monday, 10 June.

Speaking at the start of this year's London Tech Week, Mrs May also announced that the government would invest £153 million in the development of quantum computing.The announcements came as data compiled by Tech Nation and Dealroom showed that the UK had created more unicorn tech companies than any other country, except for the US and China.Mrs May also disclosed that 2,500 places on artificial intelligence and data conversion courses would be available next year, and that a study into tech competitiveness would be launched to ensure the UK remained attractive to business.

British tech growing faster than the rest of the UK economy 

"Already we are one of the best places in the world to start and grow a tech business. British tech is growing over one-and-a-half times faster than the rest of the economy, adding more than £130 billion to our economy every year," the prime minister said."But if we are going to maintain our position as a global leader, our challenge is how we develop British tech and make it even better."We want this to be the place everyone thinks of – and comes to first – when they want to develop their world-changing tech ideas. This is a challenge shared between industry and government."After opening the annual programme of events focused on London's tech sector, Mrs May hosted a discussion of technology companies on ways technology could be used to boost the economy and tackle social challenges. Participants included Microsoft UK, Google and mobile bank Monzo.

A third of Europe’s fastest growing tech companies based in the UK 

The Tech Nation and Dealroom report showed that more than a third of Europe's fastest-growing tech companies are now based in the UK, with 13 firms valued at more than $1 billion being created over the past year, taking its overall total to 72.London was found to lead digital growth across the continent, with 45 unicorns based in the city, including 18 fintech firms. Six cities outside of the capital – Cambridge, Oxford, Manchester, Leeds, Bristol and Edinburgh – were home to two or more tech unicorns.

UK digital sector rivals US and China

Gerard Grech, CEO of Tech Nation, commented, "These figures show the extent to which the UK digital tech sector is rivalling those in the US and China, after an incredibly strong year of investment backing for fast-growing UK companies."The UK's digital tech sector continues to go from strength to strength with unicorns now being produced right across the country."Digital Secretary Jeremy Wright added, "As entrepreneurs and investors arrive in the capital for London Tech Week, we must celebrate the achievements of the UK's booming tech industry which is attracting record levels of investment and employing millions of people up and down the country."These brilliant figures show we are currently punching high in the global pecking order and, thanks to our strong fundamentals of skills and talent, business environment and world-leading research, the future is extremely bright."The tech sector is playing a crucial role in helping us deliver an economy that works for everyone through a modern industrial strategy for jobs and growth."Subscribe to Relocate Extra, our monthly newsletter, to get all the latest international assignments and global mobility news.Relocate’s new Global Mobility Toolkit provides free information, practical advice and support for HR, global mobility managers and global teams operating overseas.Global Mobility Toolkit download factsheets resource centreAccess hundreds of global services and suppliers in our Online DirectoryClick to get to the Relocate Global Online Directory

Related Articles