Government announces £2.3bn fund, new jobs and visa scheme to boost UK tech scene

Jun 14, 2018 ·

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Good news for the UK’s tech industry – as the Prime Minister announces private and government-backed funding boosts and a new specialised visa scheme to attract tech talent.

Speaking at a meeting with tech leaders during London Tech Week, Theresa May said Britain will reap the benefits of a huge £2.3bn investment that could create 1,600 news tech jobs.

Public and private funding

The investment comes from US tech giants and venture capitalists such as cloud company Salesforce, which has pledged to invest £1.9bn in the UK over the next five years. Alongside the investment, the company is opening its second UK data centre in 2019 which could create 900 jobs.

UAE investor, Mubadala, is also launching a £300m European investment fund based in the UK, whilst NTT data are investing £41m to open a new office and Innovation Centre in London. This should create up to 200 jobs over the next three years. Simon Williams, CEO at NTT DATA UK, commented: "Coming in London Tech Week, the Department for International Trade’s announcement shines an important light on the UK technology sector and the incredible talent emerging across the industry.

"NTT DATA has a proud history of investment and innovation in the UK, which is one of the most competitive markets in the world; companies, like NTT DATA, recognise that by investing and succeeding in the UK, we are in a very strong position to succeed in other markets around the world," he continued.

The government are also adding to the investment, with the announcement of the British Patient Capital Fund. This will consist of £2.5bn of government backing, with the hope of securing an additional £5bn of private investment in the coming years.

This fund should help high growth UK companies to expand globally.

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