Sunak: Britain poised to unlock well of untapped digital innovation
BRITAIN is set to unleash a wave of economic growth by unlocking a well of untapped digital innovation, according to Chancellor Rishi Sunak.
Fast growing startups and fintech firms are poised to propel the UK economy into a new digital age.
“The digital economy… is a huge opportunity for us. We have one of the most vibrant tech ecosystems anywhere in the world,” he said.
The UK has already laid the foundations to allow innovative tech companies to reach their full potential, according to Sunak.
“Our regulatory model, whether it’s for fintech or life sciences, is quite flexible and pro-innovation and we have a population actually that embraces digital technology at a far greater level than even the US,” he said.
“You put all of that together, that should make us feel really positive about the digital economy.”
Sunak was speaking to former Downing Street advisor Jimmy McLoughlin on the latter’s podcast, Jimmy’s Jobs of the Future.
The Chancellor, who spent several years working with fast growing tech firms based in America’s Silicon Valley, said he is using his US west coast and Stanford University mindset to shake up the Treasury and the UK government machine.
“I want to have a startup treasury mindset. And what does that mean? It means moving probably faster than people are used to moving as in, in government.”
Sunak’s upbeat predictions on the potential digital capabilities of the British economy chime with research that illustrates the UK is a global leader in technological innovation.
According to Z/Yen’s smart cities index, London is the most technologically advanced city in Europe and is second to only New York across the world.
The capital’s supportive regulatory system that allows innovation to thrive and high adoption of new technologies by firms across the City kept London near the summit of the table.
A booming fintech scene was identified as one of the City’s key competitive advantages over rival cities in Europe, while its financial services industry was ranked by Z/Yen as the second best in the world.
UK cities dominated the top of the rankings, with Oxford and Cambridge coming third and fourth respectively, highlighting the potential for the digital economy to be the main driver for growth in the future.
Sunak also singled out the financial services sector as a crucial engine for innovation and growth in the UK.
“I think financial services is another industry where we’re clearly world-class,” he said.
Innovation, an open business environment and a breadth of highly skilled talent also put Canada ahead of Europe’s financial services industry, according to Z/Yen’s global financial centre index. Amsterdam came 15 places below London on the index.