Chancellor wants UK to be the next Silicon Valley
In efforts to further build on the US$1 trillion tech industry in the United Kingdom, Jeremy Hunt, Chancellor of the Exchequer, wants to work with Indian friends who are fast becoming an economic superpower in their own right.
“We already have a US$1 trillion tech industry, but we want to go further to create jobs and wealth across the UK. To help us get there, we need to deepen investment connections with like-minded countries around the world – starting with our Indian friends who are fast becoming an economic superpower in their own right,” he said on 23 Feb 2023 in Bengaluru.
“I want the UK to be the world’s next Silicon Valley – this is an ambition within reach thanks to our status as a global financial powerhouse and home to world class universities and research institutions,” he had said
The trip strengthened the already productive UK-India economic relationship and deepen ties to increase new investment and bringing new jobs to the UK.
With its rich reputation for a cutting-edge tech industry, the Chancellor met Indian tech CEOs and founders in Bengaluru at the G20 meeting of the Finance Ministers and Central Bank Governors.
Hunt explored investment opportunities and how links with India can help the UK become the world’s next Silicon Valley, building on the UK’s US$1 trillion (£827 billion) tech industry.
The Chancellor attended the G20 alongside the Governor of the Bank of England Andrew Bailey. Both are focused on tackling inflationary pressures, said the release.
India is projected to be the world’s third largest economy by 2050, with a tech industry that generated US$227 billion (£188 billion) in revenue in FY2022.
Noting that India is already a significant economic partner for the UK, the Chancellor promoted greater collaboration between the two countries.
Alex Ellis, British High Commissioner to India, elaborated, “The UK is working with India to solve the world’s biggest challenges, through India’s ambitious G20 Presidency.
“As we work towards an ambitious free trade agreement to help double UK-India trade by 2030, it is great that the Chancellor was in Bengaluru, India’s Silicon Valley.” fiinews.com
