Tech City UK is an organisation based in East London, on the doorstep of Excel, that works to help growing technology companies in the UK. The announcement from Number 10 said that the new money would go towards the expansion of its "Tech Nation" scheme, to launch similar projects across the country.
The extra £21 million in funding will be invested over four years, in addition to Tech City UK's current government budget of around £2 million per year.
Number 10 announced that it would also double the maximum amount of Tier 1 (Exceptional Talent) visas available from 1,000 to 2,000, with visas allocated according to need.
Prime Minister Theresa May released the following statement: "Our digital tech sector is one of the UK's fastest-growing industries, and is supporting talent, boosting productivity, and creating hundreds of thousands of good, high-skilled jobs up and down the country. It is absolutely right that this dynamic sector, which makes such an immense contribution to our economic life and to our society, has the full backing of government.”
“Helping our world-class entrepreneurs and innovators to succeed is how we lay the foundations for our prosperity and build an economy fit for the future. Technology is at the heart of our modern Industrial Strategy, and we will continue to invest in the best new innovations and ideas, in the brightest and best talent, and in revolutionary digital infrastructure. And as we prepare to leave the European Union, I am clear that Britain will remain open for business. That means government doing all it can to secure a strong future for our thriving tech sector and ensure people in all corners of our nation share in the benefits of its success."
The Prime Minister will now hold a roundtable discussion at Downing Street with several prominent technology entrepreneurs and figures, including:
• Eileen Burbidge, chair of Tech City UK
• Sherry Coutu CBE, chair of Founders4Schools and the Scaleup Institute
• Herman Narula, cofounder of Improbable
• Brent Hoberman, cofounder and chairman of Founders Forum
• Ali Parsa, CEO and founder of Babylon
• Dr Sue Black OBE of Techmums
• Nick Sturge, CEO of Engine Shed
• Conrad Simpson, director of Cyphra
• Aldo Monteforte, CEO of The Floow
• Tabitha Goldstaub, CEO of CognitionX
• Matt Moulding, CEO of The Hut Group
• Tamara Rajah, cofounder of Live Better With
• Tom Walkinshaw, founder and CEO of Alba Orbital
