GovWire

The UK must act quickly if we want to retain our position as one of the worlds tech capitals, Prime Minister Rishi Sunak will tell tech leaders today [Monday 12 June].

Speaking at the launch of the tenth London Tech Week, the Prime Minister will argue that as the tectonic plates of technology are shifting, the UK must harness innovation to become the best place for tech businesses to invest and grow, in turn growing the economy and creating jobs.

With world-leading universities, more tech unicorns than France and Germany combined, and one of the most digitally literate societies in the world, the Prime Minister will make clear that the UK is starting from a position of strength, outlining how Government will work with businesses to capitalise on the opportunities presented by transformative technologies, such as AI.

From building one of the most pro-investment tax regimes, to committing almost a fifth of our entire capital budget to R&D the highest level this country has ever seen and investing record sums in building our quantum capability, the Prime Minister will underline his commitment to creating the right conditions for innovators to thrive.

The Prime Minister is expected to tell tech leaders:

We must act and act quickly if we want not only to retain our position as one of the worlds tech capitals

but to go even further, and make this the best country in the world to start, grow and invest in tech businesses.

That is my goal. And I feel a sense of urgency and responsibility to make sure we seize it.

Already home to the largest tech economy in Europe, he will reinforce that the tech sector is at the heart of his priority to grow the economy.

Together with Ministers from across Government, responsible for nurturing and attracting talent, driving world-class research and unlocking investment, he will set out their shared mission to help the UKs tech eco-system flourish at the launch of London Tech Week.

Part of this effort is represented by Governments decision to introduce High Potential Individual, Global Talent and Scale-up Worker visas.These routes are designed to attract the best and brightest global talent and will encourage academics and professionals to share their knowledge, skills and ideas in the UK, and make a positive contribution to the economy.

Following his announcement that the UK will host the first major global summit on AI safety later this year, the Prime Minister will also stress the UKs leadership as a democratic AI power already home to top AI labs, including DeepMind.

This has been recognised globally by like-minded countries and partners, who have agreed to work together to mitigate the risks through internationally coordinated action. The UKs expert taskforce on AI foundation models, backed by 100 million in Government funding, will lead on cutting-edge AI safety in the UK.

During his speech, the Prime Minister will outline the opportunities AI presents as well as the need to ensure its development remains safe and responsible. That includes bringing together academia, leading tech companies and Government to deliver the benefits that will improve peoples lives.

The Prime Minister will say:

Already weve seen AI help the paralysed to walk; and discover superbug-killing antibiotics and thats just the beginning.

The possibilities are extraordinary. But we must and we will do it safely.

I want to make the UK not just the intellectual home, but the geographical home of global AI safety regulation.

The Prime Minister will continue to host key tech businesses and entrepreneurs at Downing Street throughout London Tech Week, while Government Ministers will promote and discuss how we are supporting the UKs tech sector with stakeholders at events including panel sessions and speeches.

Poppy Gustafsson, CEO of Darktrace, said:

The tenth year of London Tech Week is going to be the most exciting so far. AI will be at the centre of the agenda and that should give UK tech plenty to be happy about. Were home to unrivalled AI talent, incredible academic institutions like the Turing Institute, and businesses, like Darktrace, that have track records of developing and delivering world-leading AI. The UK is in a great position to be at the forefront of the AI revolution. I see that every day in our teams in Cambridge who are working at the very forefront of these technological innovations. Im excited to see this country leaning in on this agenda and actively looking to capitalise on the tremendous opportunities that this creates.

Divesh Makan, Founding Partner, ICONIQ Capital:

At ICONIQ, we believe that technology isnt a vertical but rather a horizontal that cuts across all businesses and aspects of our daily lives. We have seen remarkable advances in artificial intelligence, cloud storage and analytics, healthcare, and the software underlying everything drive massive transformations across sectors and society. And now, as we celebrate the 10th anniversary of London Tech Week and consider the opportunities and challenges ahead, one thing is clear: the future is arriving faster than anyone expected. Under Prime Minister Sunaks leadership, the UKs tech community will continue to play a vital role in creating a better tomorrow for everyone.

Vishal Marria, CEO of Quantexa, said:

The UK is home to some of the worlds top tech talent and has created several of the worlds most innovative technology companies. Quantexa, an AI-driven decision intelligence company based in London, is a great example of the power of British innovation in action. In just seven years, the company has achieved a valuation of 1.5bn, employs over 650 people globally, and supports tens of thousands of users in some of the worlds largest organizations on its platform for risk management, customer insights, and data unification.

As a British entrepreneur, I am encouraged by this governments commitment to investing in emerging disciplines such as quantum computing and artificial intelligence and its determination to ensure that the UK tech market continues to thrive by taking a pro-innovation approach to much-needed regulation.

Our growing London tech ecosystem and our government share a vision for building on our heritage of innovation in a fiercely competitive global economy. To achieve its goal of becoming a science and technology superpower, the UK must actively nurture this growing sector and make decisive, strategic investments that stimulate innovation.

Charlie Bryant, CEO at Zoopla, said:

As one of the first British tech unicorns, Zoopla is delighted to be part of the remarkable growth of London and the UK as the tech capital of Europe. The foundations that have built this leading role include the UKs position as a global hub for tech talent, the depth of capital and Londons global city status which creates an attractive environment for inward investment. I believe the UK will continue to pave the way when it comes to tech innovation in Europe.

Demis Hassabis, CEO & CO-Founder, Google DeepMind, said:

AI will play a critical role in shaping the future of our economy and society.Im looking forward to talking about this with the Prime Minister at London Tech Week.

Janet Coyle CBE, Managing Director of Grow London at London & Partners, said:

Over the past decade, the UK has established itself as a leading destination to setup and scale a technology business. The tenth anniversary of London Tech Week offers a great opportunity to showcase our success and discuss how we can continue to be a top tech hub on the global stage. This years event promises to be bigger than ever and its exciting to see how many international delegations will be coming into London to explore investment and expansion opportunities in our capital.

Carolyn Dawson OBE, CEO, Founders Forum Group:

The UK tech ecosystem is uniting to celebrate the 10th London Tech Week, the largest in its history. Global delegates will be part of the 17,000 people taking part in this iconic event. The UK can excel in the industriesof the future,from deeptech to fintech, sustainability and life sciences, there are so many competitive advantages at our disposal. We are evermore excited that London Tech Week serves as a platform to amplify this position for the UK on a global stage and is proud to connect the ecosystem of innovators, entrepreneurs and investorstogether to drive positive change through technology.

Erin Platts, CEO, Silicon Valley Bank UK.

Embracing the UKs innovators and investors, and enabling their bold ideas is more important than ever to our long-term economic prosperity. The Prime Ministers support for the UKs innovat

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