The Chancellor has delivered for the UK tech and medical sectors, with Quantum likely to see high growth in the years to come:
The Chancellor should be applauded for grasping the opportunity to enhance the UK’s position as a science super-power. Reforming the UK’s drugs regulator, Medicines and Healthcare products Regulatory Agency (MHRA) to deliver efficient approvals for medicines already approved in other leading countries and providing an additional £10m in regulatory funding will attract greater sector investment and quicken medical product roadmaps throughout the sector.
The government’s new Plan for Quantum which will inject £2.5bn investment into the sector will also help keep the UK at the forefront of a fast-moving field and encourage those businesses considering a move into Quantum to take the plunge, alongside the Chancellor’s new £1m annual AI research prize for the next ten years.
While the Chancellor’s commitment to the UK’s new 12 investment zones will bolster the government’s levelling up agenda and develop new skills in the workforce, questions remain over how this will that affect existing innovation hubs and if their existing funding may become diluted in the years ahead.
Many start-ups and high growth tech companies will also have a keen eye on the Autumn Budget which the Chancellor earmarked for providing greater funding and support for businesses following the recent collapse of Silicon Valley Bank. As the market remains jittery following last week’s collapse and the UK’s SVB arm being acquired by HSBC, the Chancellor must deliver on that promise to keep the UK a leading centre of finance and fintech in the coming decade.
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