December 2020
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This conference examined priorities and next steps for increasing international trade and export markets for the UK tech sector.
Delegates discussed latest thinking on commercial and policy priorities for government support and initiatives, and for attracting investment.
It was a timely opportunityto assess progress and next steps - and opportunities and remaining challenges - around the UK’s new positioning in global markets the landscape of the UK tech sector.
We were pleased to be able to include keynote sessions with Oriel Petry, Director, Technology and Advanced Manufacturing, Department for International Trade; Gerard Grech, CEO, Tech Nation: and Johanna Beresford, Chief Executive Officer, In Diverse Company - as well as contributions from Burges Salmon; DataSpartan; Humanising Autonomy; The Institute of Export and International Trade; nCino; Microsoft; Seedrs; Thames Valley Berkshire LEP; techUK; and UrbanTide.
Areas for discussion included:
- opportunities - what UK tech businesses need to meet new demands domestically and compete in global markets
- future trade deals and negotiations - priorities for developing the UK’s international competitiveness and positioning in emerging economies, including Asia Pacific
- maintaining momentum - building on strong investment trends in UK tech going forward
- spreading benefits across the UK - encouraging investment in the tech industry across the regions and nations, and linking with local industrial strategies and City Deals
- SMEs - assessing the support they need to access global markets and investment
- skills - looking at attracting global and domestic talent, diversity, and educational pathways and professional development
The discussion brought together stakeholders with policy officials who attended from DIT; BEIS; the Cabinet Office; DCMS; the DfE; the DIT; the DfT; GCHQ; the Geospatial Commission; the Government Legal Department; the Government Office for Science; HMRC; the Home Office; the MoD; the MoJ; the Office of the Secretary of State for Wales; and the Welsh Government.
The agenda
- Priorities for the UK tech sector following transition from the EU and as it moves on from COVID-19
- Tackling the challenges facing the UK tech sector - supporting UK-based tech startups, attracting investment, adapting to new ways of working, and the impact of the pandemic
- Putting in place the skills needed to drive sector growth - education and professional development, diversity, and attracting talent
- Developing a future trade strategy for the UK tech industry - exploiting key opportunities in international trade and export markets, and linking with local industrial strategies
- Future trade and wider opportunities for the UK tech sector
A scan of relevant developments:
- London: Europe’s global tech city - reports showing that London-based tech companies attracted a record $10.5bn in investments in 2020, ahead of all other European cities, with research indicating further growth in the UK’s tech sector in 2021
- the Future Tech Trade Strategy - the government strategy seeking to boost digital trade, and establish the UK tech industry as a global player, including through:
- Digital Trade Network (DTN) - launched to support UK SMEs entering Asian markets, with new guidance outlining key issues tech SMEs should consider as they weigh the benefits and risks of commercial ventures, published in response to sector demands
- the Tech Export Academy - supporting Asia-Pacific expansion for UK companies in smart transport and infrastructure, smart cities, and cyber security sectors, through virtual trade missions and business advice
- support for international engagement - DIT platform to help mitigate the impact on firms unable to attend international industry events and investor meetings
- further measures - a new network to support international partnerships for English regions, expansion of DIT’s High Potential Opportunities tech programme, and promotion of UK Fintech following the launch of the new Leading Edge programme for connecting international banks with UK Fintech solutions
- UAE and UK launch sovereign investment partnership with initial £1 billion in life sciences - a coordinated investment framework to grow a future-focused relationship that will invest in tech and innovation-led sectors over a five year period
- New Office for Investment to drive foreign investment into the UK - aimed at:
- providing more structured support as global competition intensifies
- delivering channel expertise
- attracting foreign investment
- helping build the UK tech sector’s reputation abroad
- Budget 2021 - new measures announced by the Chancellor:
- Future Fund: Breakthrough - £375m government investment in innovative companies, including in quantum computing and clean tech, that are aiming to raise at least £20m of funding
- the Help to Grow Scheme - beginning later this year, small and medium sized businesses will have access to programmes aimed at boosting digital and management skills
- review into tax reliefs in Research & Development as part of its target to raise total investment in research and development to 2.4% of UK GDP by 2027
- HMG launches Export Growth Plan to help businesses - including a focus on regional UK development and a £38m Internationalisation Fund for SMEs looking to expand into overseas markets
- Tech for Growth - the Government’s programme to grow the role of technology in expanding access to financial services future trading opportunities between the UK and emerging economies
- Joe White appointed Technology Envoy to the USA - to support the UK’s tech sector and further the UK’s relationship with the US tech community
- Comprehensive and Progressive Trans-Pacific Partnership - the UK has formally requested membership of the CPTPP, with the aim of boosting employment and innovation within the UK tech sector, with data flowing more freely between the UK and the CPTPP’s 11 members, including economies such as Malaysia, Vietnam and Mexico
- increasing demand for UK tech visas - expected to continue in 2021 through EU applications following the end of the Transition Period
- skills - recent reports suggesting the UK tech sector’s growth could see the skills gap narrow, as research shows an uptake in online tech training courses and over 55% of non-tech-workers considering or beginning to move into tech-based roles
- the Kalifa Review of UK FinTech - the recently published independent report by Ron Kalifa, which identifies priority areas to support continued innovation in the UK’s Fintech sector
Policy officials who attended:
Places were reserved by officials from the Department for International Trade; BEIS; the Cabinet Office; DCMS; the Department for Education; the Department for Transport; GCHQ; the Geospatial Commission; the Government Legal Department; the Government Office for Science; HM Revenue and Customs; the Home Office; the Ministry of Defence; the Ministry of Justice; the Office of the Secretary of State for Wales; and the Welsh Government.
