Last week, Chancellor Philip Hammond announced 2018’s Autumn Budget, and with it came details of significant investment in the technology sector.
According to research, the technology sector is growing two and a half times faster than other UK industries. Innovations in technology are vital to the UK economy, particularly in a time when cyber-attacks are one of the most prevalent threats to businesses, an IT skills shortage is plaguing the industry, and tech businesses rushing to enhance the capabilities of technology.
During the Budget, the Chancellor promised an astounding £1.6 billion to fund the development of ‘advanced technologies’, such as artificial intelligence and quantum computing. This investment has been made, not only to advance technologies, but to attract technology talent from around the globe.
Speaking of the importance of these technology areas to the future of both the UK’s economy and public, Hammond stated, “these technologies will transform capabilities in computing, sensing and communications, bringing promising new approaches to solving global problems such as disease and climate change.”
In addition to this, a further £200 million investment will be made into rural broadband, improving the UK public’s access to speedy internet connections, no matter where they live, as well as £150 million for technology fellowships.
To further support research and development in the industry, the government has also increased its Industrial Strategy Challenge Fund by £1.1 billion. Included within this is £121 million to enhance the manufacturing industry using ‘digitally enabled technologies’ (e.g. virtual reality and the internet of things).
The impact on the technology industry
What these announcements mean is that not only will the technology industry benefit from significant investment and therefore the ability to make strong advancements in their work, but other industries will also find benefits in the work that is carried out.
With technology now such an integral part of our day to day lives, the team at MWL Systems welcomes this investment. From our perspective, further funds to ensue rural broadband is enhanced is a great step in the right direction, as this will not only provide the public as a whole with better connections, but will ultimately improve operations for businesses within rural locations.
MWL Systems invests a great deal of time in supporting businesses throughout the local region to gain an effective understand of their IT systems and how they can work for their business. We host regular technology events, including a monthly IT support overview workshop, take a look through our upcoming events and book your place here.