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PM announces £1bn tech investment in UK

PM announces £1bn tech investment in UK

Global tech companies have pledged to invest more than £1bn in the UK, Prime Minister Theresa May will announce today.

She will make the announcement to open annual tech programme London Tech Week, now in its sixth year.

She will say that the government plans to invest £153m in the development of quantum computing, with an additional £205m pledged by industry to find new ways to accelerate drug development.

Other commitments include a study to identify opportunities and support for digital businesses.

“British Tech is growing over one-and-a-half times faster than the rest of the economy, adding more than £130 billion to our economy every year,” May will say.

“But if we are going to maintain our position as a global leader, our challenge is how we develop British Tech and make it even better.

“We want this to be the place everyone thinks of – and comes to – first when they want to develop their world-changing tech ideas. This is a challenge shared between industry and Government.”

“Today as we sit on the cusp of the next great industrial revolution, we have the opportunity to work together and ensure that the advances we see transform our world for the better, and for the benefit of everyone,” she will say.

Later today May is also scheduled to host a roundtable for tech firms including Google, Microsoft UK, and challenger bank Monzo to discuss the ways tech could boost the economy, increase competition and tackle social change.