Chancellor set to unveil US-style innovation scheme
The Chancellor is poised to reveal a new initiative in his Autumn Statement this week, aimed at fostering and attracting UK-based technology investors to support commercially viable UK innovations.
Modelled after a similar programme in the United States, this initiative will feature a fellowship programme designed to cultivate the next wave of technology venture capitalists. This effort is focused on advancing breakthroughs in fields like artificial intelligence and vaccines.
The Department for Science, Innovation and Technology will spearhead the initiative, following a recommendation from the Prime Minister’s Council for Science and Technology.
This announcement is an extension of The Chancellor's earlier ambition to establish the UK as a Science and Technology Superpower, enhancing the nation's technological prowess to capitalise on the commercial opportunities presented by technological advancements.
Wayne Johnson, CEO and Co-Founder of Encompass Corporation, remarked: “Focus on supporting the UK’s innovation landscape would be a welcome inclusion in the Autumn Statement. It is important to see commitment to delivering on ambitious science and technology superpower aims that can support research and development, create jobs and cement the UK as a global technology leader.
“Attracting sustained investment, from Government, venture capitalists and tech incubators, remains key to the growth of the technology industry and helping to foster new innovative solutions, such as Generative AI, and maximise the potential of others that can drive the FinTech sector forward. Especially when considering issues such as fighting financial crime, the latest in technology has a central role to play, and leveraging Know Your Customer (KYC) process automation, for example, to deliver real time digital risk profiles can save institutions hours and ensure continuous compliance.
“It is vital that the UK shows continued commitment to the development and progress of innovation as it plays a crucial part in enabling financial services and wider industries to thrive, even in challenging economic times, while helping to cement the UK’s place as a leading financial hub.”