10 ways we're making the UK the best place for tech businesses
Prime Minister Rishi Sunak explains why the UK is one of the best places in the world to start a tech business.
10 ways we're making the UK the best place for tech businesses
“The UK is an island of innovation.
And it is a goal of mine to make this country the best place in the world to start, grow and invest in tech businesses.
The reason why I believe we can do this is because we start from a position of strength.
Here are just a few of the reasons why, if you’re a start-up, investors or entrepreneurs, the UK really is the place to be to grow your tech business.
#1 – In the last decade the UK has created 134 tech unicorns
A tech unicorn is a privately held company with a valuation of over $1 billion – the dream of every start-up.
And in the last decade UK has created 134 tech unicorns - more than France & Germany combined.
So far in 2023, the UK ranks third globally for the amount of venture capital investment- proving that the conditions are right, here in the UK, for tech businesses to succeed and thrive.
#2 - We’re one of the most digitally literate societies in the world
With 97 per cent of the population using the internet, and one of the highest average daily minutes of internet use per individual.
That means a ready adoption of new technologies: for example, 86% of digitally active adults now use at least one fintech service
Put simply, we get the digital world and we spend a lot of time and money in it.
That’s a big, active market to play in for anyone looking to invest in tech.
#3 - The top 25 biopharmaceutical organisations operate in the UK
We have built the largest life sciences sector in Europe, home to the top 25 global biopharmaceutical organisations.
We have established world-class research institutions, combined with unique research assets, that help the ecosystem thrive. The UK has a world-leading capacity for genomic sequencing and the biggest BioBank database of anywhere in the world – a great place if you’re in pharmatech.
That makes us a global leader in Life Sciences - a great place to be if you’re in pharma tech.
#4 - We have some of the best science universities anywhere in the world
The UK is home to 4 of the top 10 global universities – second highest in the world – according to QS rankings.
That means we are home to the best and brightest talent to help tech businesses drive innovation.
#5 - UK start-ups received over $31 billion of Venture Capital funding in 2022
That’s over 9 times more than a decade ago.
And we’re continuing on that trajectory: so far in 2023, UK tech firms have raised nearly double that of France and more than double that of Germany and Singapore.
#6 - The UK has the lowest corporation tax in the G7
The 25% corporation tax rate in the UK is the lowest in the G7 and 4th lowest in the G20.
This is designed to facilitate more for inward investment for businesses, helping them to flourish.
#7 - We have one of the most generous capital allowances regimes in the OECD.
We have introduced full-expensing for qualifying business investments in main plan and machinery for three years – a tax cut worth £27 billion.
That means more opportunities for businesses to re-invest profits.
#8 - We’re increasing R&D investment by £5 billion, reaching £20 billion a year by 2024/25
And we’re changing how we do things – with a new Advanced Research and Invention Agency focussed on high-risk, high-reward research
#9 - We have new and improved globally competitive visas
We’ve introduced new and improved globally competitive visa offers to attract the top talent from around the world.
This includes visas for high potential graduates from top global universities and visas for fast-growing businesses.
#10 - The UK is home to half of Europe’s Fintech unicorns
That makes us the second largest country in the world for Fintech. In fact, last year our fintech sector attracted more investment than the next thirteen European countries combined.
So if you’re a tech innovator, and you’re asking yourself – why should I choose this country to invest?
I hope that you judge us – not by what we say, but what we do.
Because it’s this government that is building the most pro-investment tax regime.
It’s here that’s the best place in Europe to raise capital.
And it was this government that acted to rescue Silicon Valley Bank.
I’ll never stop banging the drum for Britain as the best place in the world to do business.”