Chancellor Philip Hammond has announced the autumn 2017 budget with a range of proposals designed to boost the UK's technology industry, from funding for electric vehicles to new regulations relating to taxes dodged on digital royalties paid to companies operating from a low-tax jurisdiction but selling into the UK.
In a speech unveiling the government's official Autumn Budget 2017 policy paper, published yesterday, chancellor Philip Hammond claimed a push for the UK's tech industry.
'For the first time in decades Britain is genuinely at the forefront of this technological revolution,' Hammond told Parliament.
But we must invest to secure that bright future for Britain.
And at this Budget, that is what we choose to do.'
The budget includes provisions designed to, in the government's own words, 'establish the UK as a world leader in new technologies such as artificial intelligence (AI), immersive technology, driverless cars, life sciences and FinTech [Financial Technology],' with Hammond aiming to boost the funding of technology businesses in the nation from one every hour to one every half-hour through £20 billion in funding over the next decade, new tax breaks for technology start-ups, and improvements in the ability for pension funds to invest in the sector.