Tuesday, 26 October, 2021


Government unveils financial package to support tech

Mrs May said the technology sector had the 'full backing of Government'
Credit
Reuters Mrs May said the technology sector had the 'full backing of Government' Credit Reuters
Bennie Garza | 15 November, 2017, 21:43

The launch of Tech City UK's Tech Nation Visa in October 2015 has had a big impact on this growth.

Theresa May has announced an extension to the visa scheme created to attract top overseas technology talent ahead of next week's Budget, alongside a raft of measures to safeguard the UK's burgeoning tech sector.

Keen to reaffirm global links as Britain prepares to leave the European Union, the Theresa May government on Wednesday announced the doubling of visas available under the Tier 1 (Exceptional Talent) route for individuals in technology, science, art and creative industries. The last £20 million will be set aside for youth training to help teenagers learn to identify and fight off cyber threats.

Home secretary Amber Rudd said: "Increasing the number of visas for these sectors will make sure that we continue to be at the heart of world culture and forefront of digital and scientific advances".

Three in four United Kingdom companies have reported a digital skills shortage among their staff, despite 84 per cent admitting digital and technical knowledge was more important to their business now than they were two years previously, a report from the British Chambers of Commerce found in April. "It is absolutely right that this dynamic sector, which makes such an vast contribution to our economic life and to our society, has the full backing of Government".

"Working with us, they can provide technological fixes to public sector problems, boost productivity, and get the nation working smarter as we create an economy fit for the future", he added.

THE GOVERNMENT has given a £21m boost to a technology programme that has supported firms such as Funding Circle as part of a range of measures to boost the tech sector. "This will ensure we continue to be at the forefront of digital innovation, developing tech talent and attracting global investment". "That means Government doing all it can to secure a strong future for our thriving tech sector and ensure people in all corners of our nation share in the benefits of its success".

Building on the Tech City UK's work helping to turn London's "Silicon Roundabout" into a globally recognised technology hub, the funding will see the new Tech Nation work alongside existing technology partners and business organisations to accelerate the expansion already underway by rolling out its tech-hub model.

Eleven regional hubs will help entrepreneurs in emerging tech sectors, such as artificial intelligence and fintech, by connecting them to peers and potential investors across the country and by offering tailored development programmes.

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