2023 Mansion House Speech: Unlocking Investment For The UK Tech Sector
techUK welcomes the announcements and reforms in the Chancellor's 2023 address to support pension investment, strengthen UK financial services and increase funding opportunities for technology and other key sectors of the UK economy. The announced reforms are focused on three areas.
Restructuring pension investment funds that support pension fund owners and increase liquidity in financing high-growth companies.
Increases the UK's attractiveness as a stock market location for companies looking to start up and grow.
Reforms in the financial services sector are aimed at balancing regulation and stability.
Financial stability and innovation were the themes of the chancellor's speech, including his renewed commitment to controlling inflation. In addition, the Chancellor outlined his ambitions for the UK's financial services sector and announced new investment tools and structures to restore the UK's attractiveness and competitiveness as a global financial centre. This strategy can work for the technology sector. The UK's globally integrated financial sector will open up wider funding opportunities for high-tech, high-impact and fast-growing companies, many of which are part of the UK's strong technology sector.
It is important that these reforms have the opportunity to close the funding gap in the technology sector. This is one of the key areas of techUK's Technology One UK plan, a plan to help the UK do more with less and help us do more. opportunity to become a global technology leader. If successful, these reforms will potentially capitalize on many of the opportunities outlined in the techUK agenda, including reviving the UK's fractured expansion economy, strengthening the UK's innovation economy and making the UK more attractive as a hub for green technology.
The speech also highlighted Britain's desire to become the next Silicon Valley, which is at the forefront of technology, along with the government's creation of the Department for Artificial Intelligence and Science, Innovation and Technology earlier this year. These reforms are in line with the UK's wider agenda to boost the success and sustainable ambitions of its domestic tech sector, the third country to have a $1 trillion tech sector by 2022.
The chancellor also announced that he would negotiate with many of the UK's largest pension schemes to convert at least 5% of their default funds into unlisted shares by 2030. This can increase the return on investment. £50 billion for companies looking to grow here in the UK if other DC markets follow suit.
However, there are still concerns about the UK's ability to support the tech sector. Implementation of these reforms must therefore be linked to the UK's wider technology development agenda. Technology companies consistently cite challenges with access to funding and large-scale funding, as well as access to skills, digital infrastructure and R&D support.
Complementing the announced investment reforms with policy interventions to address the wider challenges facing the technology sector, the policy agenda will help to underpin these and deliver on the UK's long-term ambitions. If these reforms are successful, the UK will take another step towards becoming a major destination for financial services, investment and technology.
In addition, the chancellor announced a new overview of the future payments landscape by Joe Garner, former head of retail banking at HSBC and chief executive of Nationwide.
The review will include a call for input with just three questions, and techUK is seeking member feedback on this so we can respond on behalf of the industry by 1 September.
The questions for the tender of proposals are:
Which payment processes are most important to private customers today and in the next five years? For example, pay friends in the UK or abroad, pay bills, pay businesses for goods and services and more.
How does the UK consumer experience today for individuals and businesses compare to other leading countries in this journey? For example, quality of experience, security or price.
Looking at flight schedules and initiatives across the payments landscape, how likely is it to deliver the UK's leading paid travel to consumers? For example, we receive an offer that you believe is important to support UK consumers or provide world-leading payment.
To share your thoughts or to talk more about our overview of the upcoming payments landscape, please contact Andy Thornley, Head of Financial Services at techUK [email protected] .
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