Chancellor Hammond said to Davos that UK’s standing as world leader is here to stay and committed to future-proofing UK economy for fourth industrial revolution. £100 million investment will boost UK innovation
“Britain is a great place to do business,” the
Chancellor told business leaders in Davos last week , as he commits further
investment for research and technology.
Leading the UK delegation to the World Economic Forum, the
Chancellor announced £100 million to create 1,000 new PhD places across the UK
for the next generation of Artificial Intelligence. This will bolster UK
universities’ existing strengths in research excellence.
The money, part of the modern Industrial Strategy, will fund
research into life-saving technology to be used in NHS hospitals, and improve
voice-recognition software for business and consumers. The funding will also
help cities to protect citizens from pollution hotspots through the development
of early warning systems.
This builds on the government’s commitment to bring
investment in research and development to a record level – not seen since the
1970s, as Britain builds on its role as an outward-looking, innovative nation.
The Chancellor said, the fundamentals of our economy are
strong. We are determined, as we leave the EU, to make sure it remains that way.
We are leading the way in the tech revolution. The UK digital
sector is now worth over £130 billion with jobs growing at twice the rate of
those in the wider economy.
I want to ensure we remain the standard bearer, so we must
invest in our new economy so that it can adapt and remain competitive.
We are backing British innovation to help create growth, more
jobs and higher living standards
According to government recently published information the UK
has shown international leadership in responding to the challenges of the
modern age through the following key points:
A world-leading Digital Services Tax which will ensure that
digital businesses pay a fair amount of tax
A review of competition in the digital economy, led by
Professor Jason Furman, putting the UK at the forefront of a global debate on
how to ensure tech markets remain competitive and work for consumers
A National Retraining
Scheme which is giving working people the skills they need to succeed in a
changing economy
The UK has a thriving digital sector, worth over £130
billion, and a digital economy employing more than 2 million people.
The funding announced today is part of the £7 billion extra
we have committed to science and innovation since 2016 – the largest increase
for 40 years.
The unemployment rate in the UK is at its lowest since 1975.
The employment rate is at a record high and wages are rising
at the fastest pace in over a decade.
Compared to this point in previous years, the deficit is the
lowest in 16 years. The deficit is down by four fifths since 2010 and debt is
falling on a sustained basis for the first time in a generation.
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