The Prime Minister has confirmed a £21 million investment that will accelerate growth of the UK’s digital tech sector.
As part of a series of measures that will help Britain retain its place as a global innovation hub, this funding has been set aside so that Tech City UK and Tech North can join forces to become Tech Nation.
The combination of these two will create a national organisation capable of bringing about growth of the UK’s digital businesses to ensure they provide even more benefits to the tech sector.
Going forward, the investment will see the creation of tech hubs all over the country, building on the success of turning London’s Silicon Roundabout into a tech hub that is recognised throughout the world.
The funding will see Tech Nation work with its tech partners and other business organisations to bring this model of hub to different areas of the UK.
Plans are in place to create a new network of regional tech hubs, with Belfast, Cardiff, Edinburgh and Birmingham earmarked as locations.
The potential for others to start and grow businesses in this sector will be explored through the plans, with Tech City UK giving more than 40,000 people the opportunity needed to develop skills to grow a business.
Approximately 4,000 tech businesses in the UK will be supported through targeted programmes.
Given Cardiff has been pinpointed as a location, the Secretary of State for Wales, Alun Cairns, hailed the news as “fantastic.”
He said: “This is fantastic news for South Wales’ already thriving tech sector.
“The digital sector has become an integral part of the Welsh economy and the rapid growth of many digital businesses across the country has confirmed our position as a hub of technological excellence.”
The Minister for Digital, Matt Hancock, explained how this investment will expand digital and tech business capacity in the UK.
“This new funding is an important part of our plans to make the UK the best place in the world to start and grow a digital business, with the benefits spread right across the country.
“This regional network will accelerate the growth of the digital tech sector, cement the pipeline of talent and spark the next generation of innovative firms to seize the future opportunities of digitisation – bringing jobs, skills and higher productivity to our regions.”
It continues the UK’s drive to expand the tech sector, with the Mayor also recently announcing two initiatives to boost the sector in London.
This latest announcement will ensure that tech businesses all over the UK can grow.