Technology firms will invest £2.3bn into UK economy, which will create 1,600 new jobs
Technology firms will invest more than £2bn into the UK economy, which will create 1,600 new jobs, UK Prime Minister Theresa May has announced.
The technology sector in the UK is currently experiencing an acute talent shortage as an increase in demand for key skills is impacted by the British immigration system. Talent is proving to be the single biggest concern for any business in the UK as access to the best talent across the globe is the prerequisite to build a world-leading company. If the shortage of talent continues, the UK may risk losing its edge in the technology sector.
The announcement was made at a roundtable event, during which it was also revealed that a number of initiatives will be launched to support businesses in the UK and attract foreign tech entrepreneurs and investors.
Among the government-funded initiatives that were announced was a £2.5bn programme to help businesses expand overseas and two tech hubs, which are set to be launched in Brazil and South Africa.
Three tech firms – Salesforce, Mubadala, and NTT Data – announced investment into the UK economy at the event, which was hosted by May. US cloud computing firm Salesforce will invest £1.9bn over the next five years, while the UAE’s state-owned sovereign wealth fund Mubadala will launch a £300m UK-based investment fund, and Japanese IT services firm NTT Data will invest £41m into a new office and innovation centre, boosting the number of jobs over the next few years.
News of the investments comes after the Home Office announced earlier this week that new start-up visas for entrepreneurs looking to come to the UK will be launched in spring 2019.
Commenting on the announcement of the tech investments, the Prime Minister said that these measures will allow innovative British start-ups to invest in their future – and in the UK – by hiring more skilled people, expanding their business and exporting their expertise across the world.
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