- Chancellor called on businesses to
invest in the UK and promised long-term thinking to make the UK
the next Silicon Valley
- he outlined a vision to drive for growth as one of the
government’s five priorities – doing so by encouraging
enterprise, tackling poor productivity, and getting more people
into better paid jobs right across the country
- digital technology, green industries and life sciences among
those identified as growth sectors that can help realise a more
innovative economy
Speaking at Bloomberg’s European headquarters in London, the
Chancellor opened his speech on the economy by highlighting one
of the UK’s major growth sectors – technology – before revealing
that the opening section of his speech had been written by
ChatGPT, the AI software that was released late last year.
Getting the economy growing faster is one of the government’s
five priorities, as set out in Prime Minister Rishi Sunak’s New
Year address. Mr Hunt outlined how he intends to deliver upon
that over the coming years, ahead of the Spring Budget due on
15th March.
The Chancellor said:
“Our plan for this year remains to halve inflation, grow the
economy and get debt falling.
“But all three are essential building blocks for much bigger
ambitions for the years beyond.
“World-beating enterprises to make Britain the world’s next
Silicon Valley.
“An education system where world-class skills sit alongside
world-class degrees.
“Employment opportunities that tap into the potential of every
single person so businesses can build the motivated teams they
need.
“And opportunities spread everywhere just as our talent is spread
everywhere.”
The Chancellor went on to call on businesses in the key growth
sectors of Digital Technology, Green Industries, Life Sciences,
Advanced Manufacturing and Creative Industries to increase their
investment in the UK, with the Chief Scientific Adviser Sir
already leading work on
how we should change regulation to better support safe and fast
introduction of new emerging technologies.
The Chancellor added:
“If anyone is thinking of starting or investing in an innovation
or technology-centred business, I want them to do it in the UK. I
want the world’s tech entrepreneurs, life science innovators, and
clean energy companies to come to the UK because it offers the
best possible place to make their vision happen.
“And if you do, we will put at your service not just British
ingenuity - but British universities to fuel your innovation,
Britain’s financial sector to fund it and a British government
that will back you to the hilt.”
Digital Secretary said:
“I believe that Britain is uniquely placed in the world to become
the number one home for tech - one where entrepreneurs have
both the stability, but also the freedom, to invest and innovate.
“We have a clear vision for where this country is going, and a
government that is prepared to match that ambition with
action. That’s why this year we’re bringing forward new
laws to transform digital markets, free up businesses
to innovate with data, and set out our strategy for globally
important semiconductors.”
Business Secretary said:
“We stand at the cusp of a new age, facing a technological
revolution that will transform the world as deeply as the
industrial revolution did in the nineteenth century.
“The UK has an opportunity to be at the forefront of this
revolution, building upon our world-class research infrastructure
and open markets to scale up the business titans of the future
here in Britain, in everything from AI to quantum, from robotics
to biotechnology.”
The Chancellor set out his aim to increase enterprise, supporting
businesses by using our new-found Brexit freedoms to review
regulations in key growth sectors to make it easier for companies
to innovate, alongside the importance of competitive business
taxation.
He reiterated the importance of employment and tackling economic
inactivity, helping more people into work and filling the
vacancies in the jobs market. He also outlined ambitions to help
more disabled people and those with mental illnesses into work,
and a pensions system that encourages continued workforce
participation. The Work and Pensions Secretary is thoroughly
reviewing issues holding back workforce participation, with a
report due to conclude shortly.
The Prime Minister and the Chancellor have both placed enormous
importance on education, with £2.3 billion of additional funding
for 23-24 and 24-25 announced at the Autumn Statement and
continued implementation of the government’s skills reforms. The
government has already made progress with T-levels, boot camps
and apprenticeships.
And finally the aim of levelling up everywhere across the UK,
ensuring that all areas feel the benefits of economic growth with
empowered local areas and reducing the time it takes to build new
infrastructure. Already the Levelling Up Fund has awarded £3.8
billion to projects across the UK and the UK Government is
working to launch Freeports in every country in Britain, with
several already operating in England and the locations of two
having recently been announced in Scotland.
The Secretary of State for BEIS and Secretary of State for
Culture Media and Sport also delivered keynote speeches at the
event.
