The Prime Minister and Chancellor of the Exchequer have pledged to commit an additional £21 million in funding over the next four years, to support the expansion of Tech City UK and Tech North into Tech Nation.
Since its launch in 2011, Tech City UK and Tech North (from 2014) have helped the digital tech startup and scaleup sector become the UK’s fastest growing industry. According to Tech Nation 2017, the tech sector has a turnover of £170 billion – an increase of 22% in five years. With the government’s backing, Tech Nation will take their proven formula and build a national network across eleven regions, including London. Changing their name to Tech Nation reflects the broader approach they will take in the future.
The digital tech sector has never been just about East London or booming Northern hotspots. By becoming Tech Nation they hope to transform the UK from a series of standalone tech hubs into a powerful network that can place the nation firmly at the top of global tech rankings.
Additionally, the Government announced that the Home Office is doubling the number of exceptional talent and exceptional promise visas that can be obtained – up from 1,000 to 2,000, great news for the UK’s tech community. Visa applications soared during 2016, underlining the desire of many talented people to work or start tech businesses in the UK. By doubling the allowance of exceptional talent visas, the tech community will feel confident that it can continue to hire for global expansion from a talent pool across the world.
For more information about Tech Nation, visit their site here.