UK tech sector still attractive despite Brexit

The UK has been ranked the fourth most promising market for technology breakthroughs that have a global impact, trailing slightly behind the US, China and India, according to KMPG’S 2017 global technology innovation report.

The uncertainty presented by Brexit

Despite the uncertainty presented by Brexit, the UK jumped significantly from seventh last year in the global rankings. According to the report, the United Kingdom is seen by the global business executive respondents as progressing with innovative tech hubs, showing progress in the development of products and services that can break through in developed and emerging markets.

Tudor Aw, Head of Technology sector at KPMG UK said: “The research shows the UK’s technology sector drew more investment than that of any other European country in 2016 and that London is seen as a major hub for big data, fintech and a variety of digital technologies. Despite the uncertainty presented by Brexit and other economic factors, the UK and London has not lost its shine when it comes to its technology pedigree.”

Cities which will rival San Francisco and Silicon Valley

In a survey of 841 business executives globally from tech companies, venture capital firms, and angel investors that focus on technology, respondents were asked which cities will emerge to rival Silicon Valley/San Francisco over the next four years. The survey revealed numerous rising technology hubs, including London at number five:

1. Shanghai 6. Washington, D.C.
2. New York 7. Berlin
3. Tokyo 8. Chicago
4. Beijing 9. Tel Aviv
5. London 10. Boston

 

“Technology underpins the competitiveness and development of almost every sector. It is a key battleground for most economies and the UK must ensure it is a leader in this field.  The Government’s £2 billion R&D fund for emerging tech, such as artificial intelligence and robotics, is therefore hugely encouraging and will make a real difference to the UK being seen as a tech destination of choice for scientists, entrepreneurs, investors and tech companies,” said Aw.

 

Edited from press release by Ella Donaldson.

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