Hunt hypes up UK’s future as ‘world’s next Silicon Valley’

Jeremy Hunt has talked up Britain’s prospects of turning into the “world’s subsequent Silicon Valley” in a summit with artistic industries leaders.

The Chancellor has stated the Prime Minister’s ambition for the UK to turn out to be a “science and expertise superpower” is vital to the nation’s future.

Talking at a Treasury Join occasion in a sequence of presidency enterprise conferences, Hunt instructed artistic business bosses “the most important alternative for the UK going ahead is to be the world’s subsequent Silicon Valley”.

“Now we have the components to do one thing outstanding,” he stated.

‘Distinctive mixture’

“We don’t simply have the creativity, the entrepreneurs, the superb companies, however now we have the world’s second largest monetary sector to assist these companies develop and now we have one of many world’s most revered larger training sector’s to offer the analysis and improvement heft to take a seat behind it,” he continued.

“It’s a singular mixture, it’s the mix Silicon Valley itself had. However there aren’t very many different locations on this planet which have that mixture.”

And Hunt highlighted the necessity for artistic industries on the forefront of tech improvement, saying: “Know-how wants creativity and creativity wants expertise.

“All of your companies have been fully reworked by tech over the past decade however really the tech business wants the creativity that’s the start line of all of your companies.”

‘Not there but’

Nevertheless, he burdened that the UK was nonetheless a way off reaching tech superpower standing.

“We aren’t there by a really great distance however within the final 10 years now we have turn out to be Europe’s largest tech centre, with the third largest sector on this planet after the US and China,” he stated. “[We’ve become] Europe’s largest life sciences sector, Europe’s second largest renewable sector and largest in the case of offshore wind.”

His feedback come after Rishi Sunak and science, innovation and expertise secretary Michelle Donelan unveiled the Science and Know-how Framework in March.

Ministers need to cement the UK as a tech superpower by 2030 and have pledged £370m to spice up funding in innovation, deliver world expertise to the UK and fund cutting-edge AI analysis.

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