In December 2021, the UK Government tech investment drive celebrated its “highest year in history” for the tech sector in the UK. There were £29.4 billion of investments and an increase in IPO capital, and around 37% of total funds received from the US. Fintech, health tech, and enterprise software businesses are giving an output of $1billion to the United Kingdom in tech business per week.
Chris Philp, a digital Minister, said that it was a great year for tech businesses in the UK because of innovative startups which could fathom the world’s biggest challenges.
According to The Guardian regarding public investment, around £14.9 billion has been spent by the government of the United Kingdom on R&D in the years 2021 and 2022. The government’s new plan is supposed to increase to £22 billion by 2026-27.
After the UK withdraws from the European Union (EU), it encourages the UK Government to invest directly in early-stage technology companies as earlier it was bound with economic bloc’s “state aid” rules which put limitations on EU members regarding the financial investments.
Now the UK is poised to implement a new subsidy system. The United Kingdom government can now invest more and grant subsidies and funds with greater flexibility. The Subsidy Control Bill has been presented, explaining the ways companies can gain investment from the government of the United Kingdom. We hope that you’ll find these details interesting. For more updates keep supporting the hiltonian and have fun!
