Five leading industry experts have been appointed to help
accelerate the development and deployment of emerging
technologies in key UK growth sectors.
The Chancellor and Business Secretary have laid out plans for a
series of exciting growth announcements across 2023 in five
high-potential sectors - digital technology, green industries,
life sciences, advanced manufacturing and the creative industries
– using the UK's regulatory freedom outside the EU to pursue an
ambitious vision to create the 21st century’s
Silicon Valleys in the UK.
As set out at the Autumn Statement, the Government's Chief
Scientific Adviser and National Technology Adviser, Sir , will review existing
rules and help develop a pro-innovation regulatory approach that
allows the UK to fulfil its ambition to become a science
superpower and world leader in key growth sectors such as digital
technology and life sciences.
The UK is one of the best places in the world to invest, with
over £10 billion committed to projects in 2021. However, with
other countries also rapidly reforming their rules, anticipating
how the landscape for emerging technologies will change is
becoming an increasingly important source of competitive
advantage in the global economy and could help drive up living
standards, such as breakthroughs in medical research that put the
UK at the front of the queue for new treatments.
The aim of the review is to establish the UK as the
best-regulated economy in the world in key growth sectors,
ensuring that industry and investors have the certainty they need
to drive innovation, investment and growth through anticipating
new developments in emerging technologies. Quantum technologies
for example, though in the early stages of development, have the
potential to improve vaccine and drug discovery and development,
advanced navigation technologies, and enhanced sensors helping us
to deliver better and more targeted services in the UK.
Five leading experts have been appointed to support Sir , working hand-in-hand
with industry to identify any barriers to innovation and getting
emerging technologies to market.
Matt Clifford, Chair of the new Advanced Research and Invention
Agency (ARIA), and Priya Lakhani OBE, a member of the AI Council,
have been appointed to support work to harness new digital
technology such as artificial intelligence.
Sir , who is on Genomics England’s
board of directors, and Camilla Fleetcroft, Eclevar UK’s
Vice-President of Clinical and Regulatory Affairs, will work on
cultivating the life sciences sector and help drive the next
generation of discoveries, such as delivering genomics-enabled
clinical trials.
Jane Toogood, Chief Executive of Catalyst Technologies at Johnson
Matthey, will take forward work on building green industries like
hydrogen and battery development in the UK.
Chancellor of the Exchequer said:
"I want British firms to lead the world in turning
fantastic science into new products and services – and we need to
make sure government is doing everything we can to encourage
innovation and competition.
“We have already set out how we
will back our formidable financial services sector to unlock
private investment in new industries, and we will show the same
ambition in other high-growth sectors to ensure that future
Silicon Valleys are based here in the
UK.
“The countries that secure leadership in new technologies
will lead the world, enjoying unparalleled growth, security and
prosperity for decades to come – and it is our job to ensure the
UK is able to fully reap the rewards.
“Sir Patrick and his team will be critical as we harness
every tool at our disposal to create the industries and jobs of
the future, which will deliver long-lasting benefits for local
communities across the UK.”
The Chancellor has already set out plans to repeal and replace
hundreds of pages of burdensome EU retained laws through the
‘Edinburgh Reforms’, which will establish a less costly and more
responsive regulatory framework for the financial services
sector. This includes a commitment to make substantial
legislative progress over the course of 2023 on repealing and
replacing EU-era Solvency II – the rules governing insurers
balance sheets which is expected to unlock over £100 billion of
private investment for productive assets such as UK
infrastructure.
Business Secretary added:
“Economic growth and raising productivity is critical if
we are to improve the standards of living for all Brits. One of
the most sure-fire ways to deliver both is betting big on
innovation, which is exactly what we intend to do.
“Backed by this fierce new team of advisers, Sir will lead the charge
alongside industry to supercharge growth in some of the world’s
most exciting growing technologies, turning the UK’s natural
strengths into pillars for long-term growth.”
By creating markets and promoting and protecting competition,
regulation plays an important role in enabling new entry and
disruption and fostering incentives for innovation. For example,
thanks to the government’s Contracts for Difference scheme, the
UK is bringing forward over 26GW of new renewable energy, while
driving competition and innovation which has pushed down the cost
of offshore wind by 70% in 7 years.
