Rishi Sunak, the prime minister of the United Kingdom, said at the UK’s largest tech conference, London Tech Week 2023, that there is a sense of “urgency and responsibility” to grab AI-driven tech opportunities to help Britain become the “best country in the tech business.” Rishi Sunak stated that the UK needs to “act quickly to retain its position as one of the world’s tech capitals” when discussing his objective to improve the visa application process.
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He stated that one of his top priorities for improving the UK economy is investing in the latest technologies including artificial intelligence (AI), quantum computing, synthetic biology, and semiconductors.
“I believe the UK can achieve this goal because we start from a position of strength. We’ve created 134 unicorns in the last decade – third in the world, behind only the US and China. We’re one of the most digitally literate societies in the world, with a higher percentage of STEM graduates than the US and 4 of the world’s top 10 universities,” said PM Rishi Sunak.
I created a new department focused on science, innovation, and technology with a mission to do things differently – from bringing in world-leading experts to taking more risks in support of innovation. And when the moment came, it was this government that acted to rescue Silicon Valley Bank, the UK PM continued.
The Growth and Impact of the UK’s Digital Tech Industry in 2022
According to essential statistics on technological businesses in the UK, there will be 4.7 million people employed in the country’s wider digital tech industry in 2022, or around 14% of the country’s total employment. As of Q1 2022, the average salary for a tech job in the UK was £62,000 compared to £35,000 for non-tech jobs.
When it comes to the question of international talent in the United Kingdom, Sunak hopes for to make reforms for easy visas. He stated that the administration is creating the greatest pro-investment tax environment in reference to achieving the objective. It anticipates raising public R&D spending to previously unheard-of levels in order to make the country’s immigration policy for overseas talent among the most competitive in the world.
The UK will also try to change pension regulations to make it easier for businesses to raise private capital, as well as listing requirements to make it simpler for businesses to raise public money.
In 2022, the value of the UK’s IT and digital ecosystem exceeded $1 trillion, an increase of nearly 17 times since 2010. After the US and China, the UK is the third country in the world to do so.
“If our goal is to make this country the best place in the world for tech, Artificial Intelligence is surely one of the greatest opportunities before us,” he said.
Another recent change to UK visa regulations allows master’s students to bring their partners and children into the country with them. After the students’ courses are through, they are welcome to stay for 24 months. The move is being taken as the UK government battles with mitigating record-high migration to the country. This might be a move to lower the overall numbers.
The UK is currently preparing to reform its immigration laws. This might stop international learners from bringing their family to the nation with them, including thousands from India.