It remains to be seen whether the Government will introduce policies in the coming years to truly transform the UK’s innovation landscape and economy
CONCLUSION
Conclusion
Whilst the UK has long been a powerhouse for innovation, successive Governments have failed to create an environment in which a high skilled, productive, home grown, workforce can be harnessed by the private sector to drive growth. The twin effects of the COVID-19 pandemic and Brexit have brought years of industrial strategy policy shortcomings into sharp focus, but they also offer a real opportunity for Government to implement a programme that delivers meaningful economic and social benefits.
Indeed, as the authors of the Tech Nation Report 2021 observe “The UK has been historically strong in deep tech: R&D intensive, innovative tech developments. But in order to continue this global leadership, more investment and emphasis will need to be placed on both new tech creation and application.”
Some of the recommendations we have outlined here have been addressed by the Government in the last month, including in the 2021 Budget.
The Kalifa Review, commissioned by the Government to review the UK’s FinTech strategy, also overlaps substantially with many of our recommendations. This is perhaps unsurprising, as many of the core challenges faced by the FinTech sector are identical to the broader tech sector, of which FinTech is just one part.
Although the recommendations contained in this report are wide ranging, and their implementation will be far from straightforward, it is our contention that they represent the best chance for Government to achieve its industrial strategy and deliver an entrepreneurial, technologically driven UK economy.