It’s raining money for the technology sector. Or at least, it will if the UK government has anything to say about the matter it. The chancellor of the exchequer Philip Hammond has announced a support package which includes a £220 million boost to help support the country’s technology sector.
Amidst nervous murmurings and uncomfortable anxieties following the Brexit vote (which is now the official B-word in politics), the chancellor re-assured fellow party members during his speech at the Conservative Party Conference in Birmingham, that Britain would remain “one of the best places in the world” for businesses to innovate and grow despite the recent developments.
To remain true to his word, the UK government is pumping in £100 million of funding to enhance the Biomedical Catalyst in order to support innovative UK life science firms to translate cutting-edge medical technologies into commercial success.
Also part of the package, is what conservative estimates put at £120 million, which will be used to stimulate collaboration between universities and business. This will foster an exchange of research, opinions and new ideas, hopefully germinating research universities and institutions into viable business opportunities. Another move will be that the government will also seek to expand the Challenger Business Programs to address regulations that hinder the adoption of disruptive technologies.
In his statement cited on Tech City News, Hammond said:
Over the last few years, it has gone unnoticed by most of us that entrepreneurs and scientists from home and abroad have been turning Britain into a hub of tech innovation … developing technologies that will fundamentally change fundamentally the way we work and the way we live.
He went on to add:
This is one in a generation opportunity for Britain to cement its role as a leader in tech innovation. I want to see what is developed here, produced here. I want to see jobs, profits and tax receipts here in Britain.
And finally, his concluding remarks contained some of the confidence that he hopes to foster among his countrymen:
That’s a Conservative government investing in Britain’s future.
We sure hope so!