Recent reports have shown that Britain has become a hub for tech investment, which according to one source is leaving rivals trailing. As a result
Recent reports have shown that Britain has become a hub for tech investment, which according to one source is leaving rivals trailing. As a result of Tech innovation, the sector is already contributing £149bn to the UK economy and is set to grow as Britain has a broader and deeper ecosystem than European rivals.
Taking to Twitter to celebrate the news, Foreign Policy Analyst Nile Gardiner said: “Brexit Britain power ahead of its European competitors.”
According to BrexitFacts4EU.org, tech investment in the UK is 22 percent larger than Germany and France put together.
The group state: “The importance of tech industries cannot be underestimated.
“These mean as much to our economic future as the railways were for the Victorian era, and the arrival of mobile phone technology at the end of the 20th Century.”
The group adds: “Tech covers not just FinTech, but HealthTech, ClimateTech, AgriTech, EducationTech and other such sectors.”
On a global scale, the group state: “The value of start-ups and scale-ups in the UK is worth c.$585bn to the UK economy (up 120 percent against 2017) – and compares favourably to the $291bn of Germany, our next closest European rival.”
Britain is also the leading power in Europe when it comes to venture capital investment.
Only the US and China beat the UK in the sector, with Britain most notably ahead of France and Germany, and surprisingly, India.
With venture capital investment in Britain reaching £10.99bn ($14.9bn), the sum is almost the same as France and German investment combined.
EU bullies making Britain look weak, we can’t be taken advantage of
Mr Philips said: “It’s been another record-breaking year for UK tech with innovative British start-ups helping solve some of the world’s biggest challenges.
“The £29.4bn raised by UK startups and scale-ups was double the figure raised in Germany and almost three times that raised by French companies.
“UK tech investment accounted for a third of the total £89.5 billion that flowed into the European tech ecosystem this year.
“Capitalising on this fantastic investment across the country is a crucial part of our mission to level up, so we are supporting businesses with pro-innovation policies and helping people to get the skills they need to thrive in this dynamic industry.”
Since Brexit, the UK has had the freedom to pursue its own trade deals.
So far, it has signed trade deals and agreements in principle with 69 countries and one with the EU.
Britain and India last week concluded their first day of talks about a potential free trade deal in New Delhi.
The aim is to have an agreement signed by the end of the year that could boost trade by billions of pounds.
Indian trade minister Piyush Goyal and his UK counterpart Anne-Marie Trevelyan said there could be a limited agreement in the next few months.
The UK has made a post-Brexit deal with India one of its priorities as it looks to tap into fast-growing economies.
Ms Trevelyan said: “This is an opportunity that we must seize to steer our partnership along the track of mutual prosperity for the decades to come.”
Britain said the deal could almost double British exports to India, and boost total trade between the countries by £28bn per year by 2035.
Total trade in 2019 was worth £23bn.