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