Commenting on the publication of the UK’s Industrial Strategy, David Blacher, partner and head of Technology, Media and Telecommunications (TMT) at RSM comments:
‘The publication of the Government’s Industrial Strategy is welcome news. It illustrates a willingness to get on with what needs to get done. Some will question the timing of this report given the ongoing uncertainty surrounding the Brexit bill. Ultimately though, the opportunity is too great. A wait and see approach would present dire consequences, especially for the UK’s technology sector which needs momentum to support its growing strength and stay ahead of its continental competitors.
‘The Government’s £500m commitment to fund Britain’s “technological revolution” isn’t a drop in the ocean – it’s a good start considering its wider commitments. The question remains over how it will get used. This is critical. As the Treasury’s purse strings tighten, effective deployment is imperative.
‘Today’s strategy, together with the Chancellors funding, combined with existing appetite from private equity and venture capitalism, shows that the Government is serious about its commitment to technology such as AI, augmented reality and virtual reality. That is reflected on the ground as start-ups and small businesses continue to flourish. It also feeds nicely into existing tax breaks for research and development. So, the car is already on the road, it just needs to find ways of getting faster.’