UK Government shares its new UK Digital Strategy
With digital transformation and technology being key areas for the overall economic growth for the UK, the new UK Digital Strategy policy document could not have come at a better time. This article will cover key points of this new strategy and how this will affect the changing digital landscape within the UK.
UK’s current position within the world of digital technology.
The UK starts with many advantages. Critical building blocks of the digital economy, from super-fast internet access across the UK to cyber security capabilities, are already in place or being built. Compared to its European counterparts, the UK comfortably sits in first place within the world of technology, with more tech unicorns and more private capital flow than any other country in Europe in 2021. These are not just impressive statistics, they represent thousands of high-skilled, high-paid new jobs right across the UK.
Digital Foundations
The UK Government explains within this policy that the mission starts with strengthening the foundations of the digital economy. This will be done by harnessing world-class infrastructure, utilise the power of data and implementing light-touch, pro-growth regimes that protect citizens by investment and innovation.
Ideas and Intellectual Property
To help with innovation within the digital landscape, the UK government plan to invest up to £15 billion in research and development combined with enhanced R&D tax incentives. This will help ideas become more readily available for commercialisation in the academic environment.
Along with innovation, the UK will continue to develop the technologies already in place, which will help solidify the foundations for the UK digital strategy.
Skills and Talent
Gaining access to skills and talent to succeed in innovation and digital growth will be another key element for UK technology businesses. The UK Government will work with schools, universities and further education providers to deliver the digital skills that the real economy actually needs.
It is also vital that the best and brightest from around the world can quickly and easily come to the UK to help contribute to the digital skills and talent requirement. There is already a suite of visa routes already available to digital businesses, but an additional High Potential Individual visa and Scale-up visa will become available, so UK digital businesses can easily recruit from anywhere in the world.
Financing Digital Growth
The UK has already got in place venture capital investment incentives that have helped embed a vibrant start-up sector. To continue this development, any market failures inhibiting growth need to be addressed. This will help UK investors in taking an increasingly long-term view and understand that growth investing does not often generate short-term dividend flow.
The UK Government will continue to directly support innovation and growth financing through InnovateUK and the British Business Bank’s initiatives. This will be used to maximise investment by third-party financial institutions in the UK and internationally.
Spreading Prosperity and Levelling Up
To help improve productivity and inclusion in every area of the UK, the benefits of digital technologies will become widely available. An example of this is an investment of over £500 million by Northern Powerhouse Investment Fund, aimed to boost small and medium businesses across the north of England.
The UK Government is also committed to working with the Devolved Government to ensure that the benefits of digital technologies are felt across the whole of the UK.
Enhancing the UK’s place in the World
Working with the Foreign, Commonwealth & Development Office and the Department of International Trade, the UK Government plans to develop allies within the digital landscape, promoting global digital trade. The forthcoming International Tech Strategy will set a common set of democratic principles to frame the UK’s international engagement in technologies.
Summary
The UK should always enthusiastically celebrate the successes already created within the digital landscape. But the UK Government plans to use the UK Digital Strategy to aid economic growth. There is a sense of realism within the latest approach to transforming the digital landscape. For UK digital businesses, new investment opportunities will be welcome, but skills gaps and lack of talent could be a bottleneck to any future digital innovation. Through on-demand IT capacity, Certes IT Agility Ability can help deliver successful outcomes, with visibility and control at every stage of your project Lifecycle. Read here for more information.
