UK digital strategy will create 678,000 new jobs and ‘tame inflationary demons’, Chris Philp claims


The UK government’s digital strategy will create thousands of new jobs, grow the UK tech sector by £41.5 billion by 2025 and ‘tame inflationary demons’, digital minister Chris Philp has claimed today.

Mr Philp was speaking at London Tech Week, following the launch of the new digital strategy this morning.

‘The new digital strategy mobilises the UK government by expanding the reach of the digital economy,’ he said.

‘It will create better paid jobs and tame inflationary demons.’

Also speaking at London Tech Week was Nadine Dorries, the Secretary of State for Digital, Culture, Media, and Sport, who claimed the new digital strategy will help the UK become a ‘global tech superpower.’ 

The UK government’s new digital strategy will help to create thousands of new jobs and ‘tame inflationary demons’, digital minister Chris Philp has today claimed. Mr Philp was speaking at London Tech Week, following the launch of the digital strategy this morning

Three key focuses in the Digital Strategy 

The Digital Strategy focuses on three key themes:

Ideas

the UK government aims to back innovation in several critical technologies, including artificial intelligene (AI), semiconductors and quantum computing. 

People 

UK launching a Digital Skills Council that will work directly with employers to encourage investment in employer-led training to upskill workforces. 

The Digital Skills Council will launch six new visa routes, with a maximum three-week turnaround for applications.

Investment 

Government will encourage UK capital through pension funds, as well as investment from overseas.  

‘In the last five years the UK has raced ahead of Europe to become a global tech leader and now we’re setting the course for the future,’ Mr Philp said.

‘The Digital Strategy is the roadmap we will follow to strengthen our global position as a science and technology superpower. 

‘Our future prosperity and place in the world depends on it.’ 

The Digital Strategy focuses on three key themes – ideas, people and investment. 

In terms of ideas, the UK government aims to back innovation in several critical technologies, including artificial intelligence (AI), semiconductors and quantum computing. 

When it comes to people, Mr Philp explained that the UK ‘needs the best skills, knowledge and expertise.’

To nurture this talent, the UK is launching a Digital Skills Council that will work directly with employers to encourage investment in employer-led training to upskill workforces. 

Mr Philp added that the government is also focusing on making it ‘super easy’ for the ‘brightest and best around the world to come to the UK.’

The Digital Skills Council will launch six new visa routes, with a maximum three-week turnaround for applications, he explained. 

Finally, in terms of investment, Mr Philp explained how the government will encourage UK capital through pension funds, as well as investment from overseas. 

‘Tech is of course deeply international,’ he added. 

‘The government will do everything to enable and celebrate success. 

‘The future will be even brighter and more transformative.’ 

The government’s digital strategy also states that rolling out world-class digital infrastructure, encouraging businesses across the country to adopt new technologies and collaborating on international tech governance systems would be essential for sustained digital growth.

The new digital strategy has been praised by the Confederation of British Industry (CBI), which said unleashing investment is more crucial than ever.  

The UK Digital Strategy will help to grow the UK tech sector by a whopping £41.5 billion by 2025, and create a further 678,000 jobs in the process, according to Mr Philp

The UK Digital Strategy will help to grow the UK tech sector by a whopping £41.5 billion by 2025, and create a further 678,000 jobs in the process, according to Mr Philp

UK tech startups raise £12.bn in funding 

The £12.4 billion in funding raised so far this year puts the UK second only to the US in terms of start-up investment, and ahead of the likes of China, France and India. 

The figures show that 950 UK tech start-ups have raised £12.4 billion this year, compared to £12 billion raised across the whole of 2020. 

Naomi Weir, CBI Director of Innovation, said: ‘We’re glad the government has heard our calls for a single vision for the digital economy, and the importance of streamlined regulation that supports investment and innovation.

‘At a time when the country is facing fierce headwinds, in the form of inflation and supply chain challenges, unleashing investment is more crucial than ever. 

‘The digital sector is a bright spot in our economy, and an area where we’re punching above our weight internationally.

‘We can’t waste a moment in bringing this strategy to life, with action required on skills, regulation, cutting-edge tech adoption, and championing the role of digital trade. 

‘Business and the CBI stand ready to work with government to make it happen.’

The launch the new strategy comes after new figures revealed how UK tech companies have raised more venture capital funding in the first five months of 2022 than in the whole of 2020.

The £12.4 billion in funding raised so far this year puts the UK second only to the US in terms of start-up investment, and ahead of the likes of China, France and India.

‘Our small island is now only second to the US, and almost at the very top of the global league table,’ Ms Dorries said. 

The figures show that 950 UK tech start-ups have raised £12.4 billion this year, compared to £12 billion raised across the whole of 2020.

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