The United Kingdom unveiled a digital plan to streamline regulations and promote economic development.
For both consumers and enterprises, the digital market offers previously unmatched advantages. Open markets, intense competition, and consumer choice are how western countries hope to achieve a fair and efficient market economy. On Monday (June 13), the United Kingdom unveiled a digital plan to streamline regulations, promote essential techniques such as semiconductors, and close skills gaps to boost economic development.
UK’s policy to boost the tech sector
British firms have collected more than £12 billion (€13.8 billion) in venture capital this year, second only to the United States, according to Technology Minister Chris Philp. The new strategy would safeguard the country’s status as a science and technology powerhouse. The national government is gearing up to collaborate across ministries to assist vital future technologies like quantum computing and sophisticated semiconductors.
When the country’s leading semiconductor business, Arm, was sold to Japanese Softbank in 2016, it significantly damaged the country’s semiconductor position. After a deal with Nvidia fell through earlier this year, Softbank decided to float the chip manufacturer on the Nasdaq stock exchange in the United States rather than the London Stock Exchange. The UK’s new strategy aims to avoid a repeat of history.
According to Philp, Britain is still participating in Arm’s course. At London Tech Week, he told Reuters that “we deal directly with ARM because we work directly with all significant UK technology businesses.”
Another instrument that would be utilized to foster innovation in areas like data analysis and AI is regulation. “Now that we are no longer part of the European Union, we see a chance to construct a less intrusive, pro-innovation regulatory environment”, he added. “And we’ll turn that into a competitive advantage for the country.”
For this plan to work, tackling skills shortages and pushing UK pension funds to invest more in burgeoning technology firms is part of the strategy.