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UK tech scene set for major new investment

(Image credit: Image Credit: Everything Possible / Shutterstock)

The UK technology industry is set to provide a major boost to the national economy thanks to a number of significant deals, Theresa May has announced.

Speaking at a round table as part of London Tech Week, the Prime Minister revealed that around £2.3bn is set to be added to the UK economy thanks to new investment.

British tech businesses attracted $7.8bn of funding last year, she revealed, almost double the amount received in 2016. It is also far higher than the combined $6bn total seen in France and Germany combined, highlighting the UK's position as a European technology leader.

The funding is set to help create 1,600 new jobs across the country, with Amazon and Funding Circle among the companies looking to pick up more workers in the UK.

The government has also announced a new approach to attract foreign talent, with a new Start-Up Visa program for entrepreneurs launching in 2019. The new offering will replace an existing option exclusively for graduates, opening it up to those looking to start a business in the UK, including the accelerators helping fund and expand them.

“It’s a great time to be in tech in the UK, and our modern Industrial Strategy will drive continued investment, ensuring the nation flourishes in the industries of the future and creating more high-paying jobs," the Prime Minister said.

Michael Moore
Michael Moore is News and Features Editor working across both ITProPortal and TechRadar Pro. He has worked as a technology journalist for more than five years, including spells at one of the UK's leading national newspapers. He is interested in hearing about all the latest news and developments across the Business IT world, and how companies are using new technology to help push forward their work and make their customer's lives easier.