Much of the immediate reaction to the Spring Statement has focused on cuts to public spending, and rightly so. In truth, however, I have some sympathy for the position the government is in. When Labour came to power last summer, it was no secret where their priorities lay – growth. And yet, with a chaotic geopolitical and fiscal sphere, progress on that front has – at best – been slow.
In light of the latest economic downsizing and the major investments into defence, AI and infrastructure announced last Wednesday, it is worth examining the government plans for growth and the areas where gains can potentially be made in the near term.
It is clear that the UK has the foundations of a world class tech ecosystem in place, and that attracting global investment is the fastest route to grow the economy. However, it’s also true that the UK’s regulatory landscape in its current form makes it difficult for companies to innovate and compete on the global scene....