Chancellor to champion British excellence
in science and technology at the World Economic Forum’s Annual
Meeting in Davos, Switzerland – the first visit from a UK
Chancellor since 2019
Microsoft, OpenAI and Pfizer among key investors in the
UK to join Chancellor panels on Britain’s growth
industries
Chancellor Hunt will also bang the drum on investment
into the UK through a series of bilateral meetings with global
CEOs
Chancellor will today, Thursday 18
January, represent the UK at the World Economic Forum’s Annual
Meeting in Davos, Switzerland. He will bear the message that the
UK is a world leader in science and technology and ripe for
investment from the international business community.
The Chancellor will meet with chief executives from the world’s
top-tier companies and speak about his optimism for the UK’s
economic growth and productivity despite global uncertainties, in
the first visit to Davos by a UK Chancellor since 2019.
Chancellor Hunt will also champion the UK’s ambition to be a
science and technology superpower, as well as how Britain will
harness the economic potential of technology.
Chancellor of the Exchequer, , said:
“I’ll be in Davos to tell the world that Britain, a nation of
great innovation, is on the up and open for business.
“We boast some of the best and brightest businesses in sectors of
the future like digital technology and life sciences. It’s these
areas of strength that are going to drive growth across the UK
economy in years to come.”
The Chancellor will host a panel discussion on global headwinds
in technology, and how these will impact Britain. He will speak
about the challenges and opportunities the UK faces in the tech
sector, as well as the strength of its offer for investors. His
panellists will be:
- Satya Nadella, Chair and Chief Executive Officer of Microsoft
- Stéphane Bancel, Chief Executive Officer of Moderna
- Irene Tracey, Vice-Chancellor of the University of Oxford
The Chancellor will also participate in a panel entitled
‘Technology in a Turbulent World’, discussing the importance of
technology for economic growth and outlining Britain’s approach
to regulation and use, following its hosting of the world’s first
AI Safety Summit at Bletchley Park in November 2023. He will
appear alongside:
- Sam Altman, Chief Executive Officer of OpenAI
- Julie Sweet, Chair and Chief Executive Officer of Accenture
- Albert Bourla, Chair and Chief Executive Officer of Pfizer
- Marc Benioff, Chair and Chief Executive Officer of Salesforce
The Chancellor will also hold a series of bilateral meetings with
CEOs of world-leading companies to encourage inward investment
into the UK.
Digital technology such as AI and life sciences, including the
improved running of cutting-edge clinical trials, are priority
growth sectors for the UK and are expected to be the focus of the
Chancellor’s pitch at Davos.
Britain is already a tech leader in Europe, with the UK’s tech
industry worth three times as much as Germany’s and twice as much
as France’s in 2023, based on venture capital investment. It has
been valued at over $1 trillion, representing 3 million jobs and
85,000 tech start-ups including DeepMind and Stability AI.
The government has also announced a series of multimillion pound
investments for the life sciences industry, including £520
million over five years for medicines manufacturing and a £650
million ‘life sci for growth’ package unveiled in May. In the
Autumn Statement last November, it was announced that full
expensing, whereby companies claim tax relief for qualifying
plant and machinery investments, would be made permanent – an
effective corporate tax cut worth more than £50 billion to
business to help them invest for less. Existing R&D
Expenditure Credit schemes were also simplified and improved to
further drive research and innovation in the UK.
