The Chancellor’s recent spring statement, described by some as a ‘non-event’, drawn varied responses from the UK’s tech sector.
Philip Hammond’s emphasis on UK’s global tech hub status and new business formation was met with mixed reviews from industry leaders.
In his speech, Hammond acknowledged the UK’s prowess in attracting global talent and capital. He cited that a new tech business emerges every hour in the country. Importantly, he announced allocations for high-speed broadband and 5G testbeds, marking significant advancements. Claire Jolly from Deloitte welcomed these strides as steps towards a national 5G ecosystem, enhancing digital innovation.
This support, coupled with ongoing developments, positions the UK financial sector favourably in the context of digital transformation, despite looming challenges.
Similarly, Leon Ifayemi of SPCE felt key issues were overlooked, calling the statement a routine exercise offering minimal support. He voiced concerns about unresolved matters crucial to start-ups, such as access to skilled labour post-Brexit.
The public sector’s digital transformation is not just crucial for efficiency but also for improving constituent services. Capitalising on current public investments can yield dividends across various industries.
Investments in next-gen technologies like AI and IoT were commended, yet calls for more extensive policy updates were echoed. Balancing short-term needs with future aspirations remains a complex task.
Tech leaders expect the government to match ambitious rhetoric with solid action, ensuring the UK retains its competitive edge in an evolving global landscape.
Tech entrepreneurs’ reactions to the spring statement highlight both optimism and concerns.
Future growth relies on addressing present uncertainties while maintaining a vision for sustained innovation.