Rishi Sunak is further demonstrating his support for entrepreneurs and investors by placing the tech sector at the heart of his reforms and he has high ambitions to immerse the UK in its ’age of entrepreneurship ’.
Sunak recognises that UK start-ups account for 12 per cent of the employment in the UK and contribute £200 billion a year to the UK’s economy.
‘We want to move quickly, be highly consumer-orientated and do things that scale with impact’ commented Rishi Sunak.
Moreover, Rishi Sunak described himself at the opening of the tech week in June 2022 as a ‘tech geek’ and promised to reduce taxes for companies investing in Research and Development (R&D).
‘We want to do things that are technology centric as that’s how people are living their lives’.
Moreover, by studying at Stanford he has been in the middle of tech development and was educated with the Silicon Valley’s mindset.
His education brought him to give huge importance to growing companies in the tech sector and during the pandemic he launched the Future Fund which is helping UK-based companies.
A total of £1.14 billion has been invested throughout 1,190 companies via convertible loans, of which 34% were technology and IP-based companies.
Additionally, he developed the UK’s 2022 digital strategy aiming to harness digital transformation and build a more inclusive, competitive, and innovative economy and encouraged UK funds to invest principally in scale-ups.
Also, the digital strategy suggested that if the UK developing tech companies were offered the proposed deal, then the place of fintech in the economy would surge and add another £41.5 billion to the UK economy and create 678,000 more jobs by 2025.