In the context of a UK economy consistently at the bottom of economic growth leaderboards, and a stock exchange that is no tech company’s first choice for an IPO, this month’s Budget was uninspiring to say the least. Soundbites like we’re “on track to be the next Silicon Valley” are catchy, but wishful thinking. Moreover, the proposals are incremental and insufficient to make any difference to the UK tech ecosystem.
Tech is critical for the UK to win in the long run. The lip service paid to it in the Budget suggests that the Government understands this at least. Today’s economy is built on mature but slow-growing industries, like real estate and finance, that won’t drive growth for the next 30 to 50 years. And tech’s importance is not just economic: the UK’s global geopolitical influence will be limited without more and more meaningful tech success stories.
