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Budget 2018: Chancellor backs UK as future winner of the technology revolution

Chancellor backs UK as future winner of the technology

Commenting on the Chancellor’s Budget, Eden Dwek from KPMG’s Innovative Technology practice said

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Commenting on the Chancellor’s Budget, Eden Dwek from KPMG’s Innovative Technology practice said:

 “The Chancellor chose not to dwell on Brexit but to instead focus on building a brighter future with innovation, technology and entrepreneurs at the heart of his announcements.

“There were a number of initiatives aimed at boosting the UK start-up sector and designed to help the UK position itself to be a winner in the technology revolution.

"Committing £1.6 billion of new investments to support our modern industrial strategy, will ensure that the UK remains a leader in new technologies such as artificial intelligence and data driven innovation, quantum computing and nuclear fusion and this will encourage more start-up businesses to focus on these areas.

“Extending the start-up loan funding until 2021 will be welcomed, as will the confirmation of £115 million to extend funding for the Digital Catapult. We are also excited to see how the new £50 million per year fund designed to address the most pressing challenges in areas such as public health and cyber security will encourage new innovations.

“There is also an opportunity for start-ups to help government digitise services and increase productivity, with the announcement that the Office for AI and Government Digital Service (GDS) will review how government can use AI, automation and data in new ways to drive public sector productivity and wider economic benefits.

“In what is a difficult position with the unknowns of Brexit around the corner, Philip Hammond was able to announce a package of small measures to keep entrepreneurs and start-up businesses happy for now.”

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For further information please contact:

KPMG Press office:

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Emma Murray, KPMG Corporate Communications

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E: emma.murray@kpmg.co.uk

About KPMG:

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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