Investments in UK tech sector will create hundreds of jobs, says Government
It comes as Science and Technology Secretary Peter Kyle told an audience at London Tech Week that the UK must be at 'the cutting edge' of rapidly growing technologies, such as AI.
The technology sector is a key area of the Government's efforts to accelerate growth in the UK economy, in a bid to support efforts to increase spending.
On Tuesday, a number of 'significant investments' in the sector were announced in areas including AI and fintech, which will see some companies setting up in the UK for the first time.
Liquidity, a US-based AI fintech business, revealed it will launch its European headquarters in London as part of a plan to invest an additional £1.5 billion over the next five years.
Meanwhile, Capgemini said it will expand UK operations with a new London headquarters.
Netcompany, a Danish IT consultancy, will also invest £2 million to expand its Leeds office and is launching a new site in Edinburgh, which will ultimately create 150 jobs.
Other investments include InnovX AI, a major European start-up hub, investing £14.7 million in a new London technology site, creating 30 jobs.
Mr Kyle said: 'We have all seen over the last few years, just how rapidly and profoundly technologies like AI are transforming the economy, and our society.
'Britain can – and must – be at the cutting edge of this change.
'The era of hesitancy is over: we can be the masters of our fate, and through the measures I am announcing today, we will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.'
The Government said on Tuesday that it was opening its Science and Technology Venture Capital Fellowship for a second cohort and round of applications, to increase the capacity of the UK financial sector to invest in start-up businesses in the sector.
Business and Trade Secretary Jonathan Reynolds said: 'Securing valuable high-tech investment is an integral mission of this government and seeing global investors put billions in the UK economy shows the plan for change is working, with more and more companies choosing Britain.
'With tech being identified as a key growth sector in our upcoming modern industrial strategy, we're not only helping attract and secure investment, but delivering long-term, stable growth that supports skilled jobs and raises living standards across the UK.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wales Online
25 minutes ago
- Wales Online
Live spending review updates as chancellor Rachel Reeves to announce plans
Chancellor Rachel Reeves will today lay out the UK Government's spending plans for the upcoming years as it is expected Wales will get £445m to spend on rail. The expectation is that the chancellor will announce at least £445m will be spent on rail projects in north and south Wales on fixing level crossings, building new stations, and upgrading existing lines. Not only is it important for the UK Labour government to take back control after weeks of negative headlines but it is a key statement for Eluned Morgan's team in Cardiff Bay as they waits to hear if its pleas to Labour colleagues in London will be heeded as they count down towards the Senedd election in May 2026. A spending review is the process the government uses to set all UK Government departments' budgets for future years for both everyday spending on things like the NHS, schools, and transport but also how the government will invest in research, energy security, and infrastructure to drive economic growth across the country. It is led by chancellor of the exchequer Ms Reeves and chief secretary to the Treasury Darren Jones. This is the second part of the chancellor's spending review. The first was her budget in October 2024. Today's announcement will cover how much funding each government department will receive for day-to-day spending (revenue) across three financial years until 2028-29 as well as investment spending (capital) for those years as well as 2029-30. It is widely expected the NHS and defence will get big boosts with energy, transport, and other infrastructure projects getting a chunk of capital too. As most of the Welsh Government's budget comes from the UK Government then if spending for health, for example, is boosted for England it will result in Wales getting a bump in its budget because when England-only spending is announced a funding process called the Barnett Formula kicks in and Wales gets what is known as a consequential payment. Ms Reeves is expected to begin her statement laying out the results of this review in the Commons at around 12.30pm on Wednesday, June 11. Scroll down for live updates below and remember you can get daily breaking news updates on your phone by joining our WhatsApp community here:
South Wales Guardian
37 minutes ago
- South Wales Guardian
Evri tie-up with DHL's UK parcel arm being probed by competition watchdog
The Competition and Markets Authority (CMA) said it will look into whether the deal could 'result in a substantial lessening of competition' in the postal delivery sector. It is initially gathering comments on the tie-up, with a deadline for submissions of June 25, before formally launching its investigation. 'The CMA is issuing this preliminary 'invitation to comment' to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK,' it said. Yorkshire-based Evri last month unveiled the deal to merge with rival DHL's UK ecommerce business in a move which will see it also enter the UK business letter market for the first time, competing further with Royal Mail. German-owned DHL Group will acquire a 'significant minority stake' in Evri as part of the merger. We're looking into the proposed EVRi merger with DHL eCommerce UK. Both companies operate parcel delivery services: — Competition & Markets Authority (@CMAgovUK) June 11, 2025 The two operations, which will operate as Evri Group, will bring together more than 30,000 couriers and van drivers, and 12,000 further workers. Evri, which was previously part of the Hermes parcel group, was snapped up by US private equity firm Apollo for around £2.7 billion last year. Apollo will remain the majority shareholder in the business. The combined company will deliver more than one billion parcels and one billion letters each year, the firms said. They said the merger will offer 'greater choice and cost-competitive solutions' to businesses and consumers, and expand import and export capabilities. The business will be led by Evri chief executive Martijn de Lange, according to the groups. The deal comes amid a raft of mergers and acquisitions in the sector, with Royal Mail owner International Distribution Services being bought by Czech billionaire Daniel Kretinsky's EP Group in a £3.6 billion takeover. In April, Polish parcel locker firm InPost also struck a £100 million deal to buy UK rival Yodel, combining the home delivery and collection networks to form one of the largest logistics groups in Britain.
Powys County Times
38 minutes ago
- Powys County Times
Evri tie-up with DHL's UK parcel arm being probed by competition watchdog
Evri's deal to merge with rival DHL's UK parcel arm is being investigated by the UK competition watchdog as the tie-up promises to create one of the UK's largest delivery firms. The Competition and Markets Authority (CMA) said it will look into whether the deal could 'result in a substantial lessening of competition' in the postal delivery sector. It is initially gathering comments on the tie-up, with a deadline for submissions of June 25, before formally launching its investigation. 'The CMA is issuing this preliminary 'invitation to comment' to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK,' it said. Yorkshire-based Evri last month unveiled the deal to merge with rival DHL's UK ecommerce business in a move which will see it also enter the UK business letter market for the first time, competing further with Royal Mail. German-owned DHL Group will acquire a 'significant minority stake' in Evri as part of the merger. We're looking into the proposed EVRi merger with DHL eCommerce UK. Both companies operate parcel delivery services: #competitionlaw — Competition & Markets Authority (@CMAgovUK) June 11, 2025 The two operations, which will operate as Evri Group, will bring together more than 30,000 couriers and van drivers, and 12,000 further workers. Evri, which was previously part of the Hermes parcel group, was snapped up by US private equity firm Apollo for around £2.7 billion last year. Apollo will remain the majority shareholder in the business. The combined company will deliver more than one billion parcels and one billion letters each year, the firms said. They said the merger will offer 'greater choice and cost-competitive solutions' to businesses and consumers, and expand import and export capabilities. The business will be led by Evri chief executive Martijn de Lange, according to the groups. The deal comes amid a raft of mergers and acquisitions in the sector, with Royal Mail owner International Distribution Services being bought by Czech billionaire Daniel Kretinsky's EP Group in a £3.6 billion takeover.
