Investments in UK tech sector will create hundreds of jobs, says Government
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
Daily Mail
4 minutes ago
- Daily Mail
China's Communist Party is 'behind spate of takeovers' of British private schools - with more than 30 now in hands of foreign investors
China 's Communist Party is behind a spate of takeovers of British private schools, officials believe - with more than 30 bought by Chinese investors in the past decade. Department of Education and security officials are reportedly concerned by the trend - while sources claim they have been hindered by a failure to recognise China as a country which poses a risk to the UK's national security. A senior government source said China is 'playing the long game' by targeting private schools, adding that the country is 'doing all the things we used to do as an empire'. They told The Times: 'They targeted universities before but have realised it's easier to start younger. It's ideological warfare. These children will grow up and be helpful to the Communist Party.' Labour MP Phil Brickell, who sits on the foreign affairs committee, warned the UK's 'world-leading education system is an obvious target for influence' for China. He claimed previous governments have 'misunderstood' China's strategic threat, adding the current one must ensure British interests are protected. Analysis published in 2024 by Beijing-based company Venture Education said the demand among Chinese families for British education was the main reason behind the purchasing of schools. Labour MP Phil Brickell (pictured), who sits on the foreign affairs committee, warned the UK's 'world-leading education system is an obvious target for influence' for China The schools listed by Venture include Thetford Grammar School, which was founded in 1566 and is now owned by China Financial Services Holdings. Meanwhile, Wisbech Grammar, founded in 1379 and bought by Access Education, is also on the list. Some all girls' schools have begun accepting boys after their acquisition, including Abbots Bromley and Ipswich High School. Malvern St James was purchased in February, and a month later announced it would accept boys so it would appeal to the 'overseas international boarding market'. Venture Education's managing director Julian Fisher previously said: 'Surprisingly the application of VAT has increased interest from Asian investors, especially Chinese who generally see rupture as a time for opportunity. 'But most are wary of the current uncertainty and plan to hold off on any short-term deals; preferring instead to wait and see which are the highest ranked schools that might be available for sale.' He insisted that the only choices these private schools have is 'taking Chinese investment, staying open, giving consistent education to its existing students' or closing. Sir Keir Starmer has resisted pressure from security services to put China on the enhanced tier of the foreign influence registration scheme (FIRS). The scheme is set up to track people working for hostile states in the UK. A Government spokesperson said: 'All independent schools must adhere to the Independent School Standards. 'This includes to actively promote the fundamental British values of democracy, the rule of law, individual liberty, and mutual respect and tolerance of those with different faiths and beliefs. 'The Department for Education is the regulator of independent schools and can and will take enforcement action where the standards are not being met.'
The Independent
5 minutes ago
- The Independent
Google to pay $36M fine for anticompetitive deals with Australia's largest telcos
Google has agreed to pay a 55 million Australian dollar ($36 million) fine for signing anticompetitive deals with Australia's two largest telcos that banned the installation of competing search engines on some smartphones, the U.S. tech giant and Australia's competition watchdog said. The Australian Competition and Consumer Commission said in a statement it had commenced proceedings in the Australian Federal Court on Monday against the Singapore-based Google Asia Pacific division. The court will decide whether the AU$50 million ($36 million) penalty is appropriate. Under the anticompetitive agreements, which were in place for 15 months until March 2021, Telstra and Optus only pre-installed Google Search on Android phones sold to customers. Other search engines were excluded. In return, the telcos received a share of the advertisement revenue Google generated from those customers. Google accepted that the agreements were likely to have the effect of 'substantially lessening competition,' the commission said. Google has also signed a court-enforceable undertaking that commits the company to removing certain pre-installation and default search engine restrictions from its contracts with Android phone manufacturers and telcos, the commission said. The tech company said in a statement: 'We're pleased to resolve the ACCC's concerns, which involved provisions that haven't been in our commercial agreements for some time.' Commissioner chair Gina-Cass Gottlieb said: "Conduct that restricts competition is illegal in Australia because it usually means less choice, higher costs or worse service for consumers.' 'Importantly, these changes come at a time when AI search tools are revolutionising how we search for information, creating new competition,' Cass-Gottlieb added. Last year, Telstra, Optus and their smaller rival TPG agreed to court-enforceable undertakings with the commission that they would not renew or make similar deals with Google to limit search options.
Reuters
6 minutes ago
- Reuters
Oil prices climb after US adviser says India's Russian crude buying has to stop
SINGAPORE, Aug 18 (Reuters) - Oil prices rose on Monday after White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop. Brent crude futures rose 30 cents, or 0.46%, to $66.15 a barrel by 0629 GMT while U.S. West Texas Intermediate crude was at $63.19 a barrel, up 39 cents, or 0.62%. Navarro said in an opinion piece published in the Financial Times that if India wants to be treated as a strategic partner of the United States, it needs to start acting like one. "India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro said. The market's swift rebound after Navarro's comments highlights how fragile sentiment is. Any sign of Washington tightening its stance on India's Russian oil purchases reintroduces a risk premium, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. "The U.S. adviser's sharp words on India's Russian crude imports, paired with postponed trade talks, revive concerns that energy flows remain hostage to trade and diplomatic frictions, even as peace prospects in Ukraine brighten," Priyanka added. Oil prices fell during early Asia trading after U.S. President Donald Trump met Russian President Vladimir Putin in Alaska on Friday and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. Trump will meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday as the U.S. president presses Ukraine to accept a quick peace deal to end Europe's deadliest war in 80 years. "The status quo remains largely intact for now," RBC Capital analyst Helima Croft said in a note, adding that Moscow would not walk back territorial demands while Ukraine and some European leaders would balk at the land-for-peace deal. On Friday, Trump said he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to "in two or three weeks", cooling concerns about a disruption in Russian supply. China, the world's biggest oil importer, is the largest buyer of Russian oil, followed by India. Investors are also watching for clues from Federal Reserve Chairman Jerome Powell's comments at this week's Jackson Hole meeting regarding the path of interest rate cuts that could boost stocks to further records. "It's likely he will remain noncommittal and data-dependent, especially with one more payroll and Consumer Price Index (CPI) report before the September 17 FOMC meeting," IG market analyst Tony Sycamore said in a note.
