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Tech firms say there are not enough reasons to stay in the UK

Government tech industry
Image credit: Pragmatic Semiconductor

Over half of tech and science firms (53%) think the government should offer more motivation for them to keep manufacturing operations and headquarters in the country, according to new research.

A survey commissioned by Pragmatic Semiconductor found that the majority (67%) of firms think that the government needs to set aside more than the currently allotted 2.4% of GDP by 2027 if it wants to reach its 2030 “superpower” goal.

When it comes to hiring, 70% of people asked revealed that they had struggled with hiring and attracting investment in the last year according to the research commissioned by Pragmatic Semiconductor. Almost half (48%) thought that regulation surrounding tech and science needs to be better understood.

Scott White, CEO, Pragmatic Semiconductor, said: “The UK needs to retain the value creation from its innovation and research. However, this is only feasible for UK businesses – particularly those who are keen to expand rapidly – if the right support is there to nurture growth and ensure it happens from a UK base rather than overseas.”...