The Government has developed a six-point digital strategy plan that could be be a major positive to the technology sector. The following information has been taken from Gov UK.
1. Digital foundations: an update on the Plan for Digital Regulation and the supply-side offer to the digital economy. This includes a focus on: digital infrastructure, data, regulation and digital markets, and security.
2. Ideas and intellectual property: consolidation of the government’s work to support the innovation ecosystem, including in universities and the private sector. This builds on the Innovation Strategy with a specific focus on digital technology.
3. Digital skills and talent: highlights UK Government’s work to reform and improve our skills and talent provision for the digital economy. This includes: strengthening the digital education pipeline, increasing awareness of the pathways into digital occupations, work to develop an enhanced digital skills base, growing people’s access to digital skills through alternative routes, our work with the private and third sectors, and this government’s reforms to enable UK firms to recruit the best global talent.
4. Financing digital growth: demonstrates the government’s commitment to improving the tech ecosystem to ensure that the UK remains one of the best places in the world to start and run a digital technology business. This includes work to improve access to finance through the British Business Bank and British Patient Capital, embedding the technology revolution across the economy through Fintech, and this government’s push to make the UK the best place to list an ambitious technology business.
5. Spreading prosperity and levelling up: covers how we are using digital technologies to support the achievement of key strategic priorities: enhancing productivity through technology adoption, improving our public services, levelling up, and net zero.
6. Enhancing the UK’s place in the world: focuses on how the UK will use its strategic advantage in digital and tech to influence global decisions for the evolving digital world. It emphasises this government’s commitment to maintaining the UK as a science and technology superpower and how HMG is helping to set global standards on Digital products and services.
How can going digital help UK businesses?
Nadine Dorries and Rishi Sunak believe that this push can make Britain one of “the best places in the world” to start a technological business. It is the country’s aim to level-up in the world of business by embracing the future and taking a lead on technological innovation.
One key aspect of note is the promise to improve access to refinancing possibilities. It wants start-up companies and other SMEs to have ease of access when it comes to borrowing and potential growth. This is good news to anybody who is thinking about setting up a business in this field, or any existing businesses in that sector for that matter.
Further statistics from the UK Government have added that the technology sector is set to surge financially. They claim that the backing of a digital economy will grow the sector by a staggering £41.5bn by 2025 – creating a whopping 678,000 new jobs.
What the experts said on digital innovation
Digital Minister, Chris Philp:
“Developed economies face long-term challenges around growth, productivity and real wages. Just as Thatcher unleashed the power of the market to transform our economy in the 1980s, unleashing the power of the tech sector will transform our economy today.
“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. 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.”
CBI Director of Innovation, Naomi Weir:
“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.”
techUK CEO, Julian David:
“Innovation in technology will be essential to deliver the jobs, growth and prosperity the UK needs. techUK welcomes the Digital Strategy which provides an important single vision from the Government for the digital economy.
“Delivering this plan will help keep the UK at the vanguard of leading digital economies in an increasingly competitive world for tech. We know what we need to do, now is the time to get on and do it.”