Hammond tells Davos: “Britain is a great place to do business”
Chancellor of the Exchequer announces £100 million investment for research and technology.
- Chancellor will say UK’s standing as world leader is here to stay
- Hammond commits to future-proofing UK economy for fourth industrial revolution
- £100 million investment will boost UK innovation
“Britain is a great place to do business,” the Chancellor will tell business leaders in Davos today, as he commits further investment for research and technology.
Leading the UK delegation to the World Economic Forum, the Chancellor will announce £100 million to create 1,000 new PhD places across the UK for the next generation of Artificial Intelligence. This will bolster UK universities’ existing strengths in research excellence.
The money, part of the modern Industrial Strategy, will fund research into life-saving technology to be used in NHS hospitals, and improve voice-recognition software for business and consumers. The funding will also help cities to protect citizens from pollution hotspots through the development of early warning systems.
This builds on the government’s commitment to bring investment in research and development to a record level - not seen since the 1970s, as Britain builds on its role as an outward-looking, innovative nation.
Speaking at a CBI event in Davos, the Chancellor of the Exchequer, Philip Hammond is expected to say:
Britain is a great place to do business. And we are determined, as we leave the EU, to make sure it remains that way.
We are leading the way in the tech revolution. The UK digital sector is now worth over £130 billion with jobs growing at twice the rate of those in the wider economy.
I want to ensure we remain the standard bearer, so we must invest in our new economy so that it can adapt and remain competitive.
We are backing British innovation to help create growth, more jobs and higher living standards.
Further information
The UK has shown international leadership in responding to the challenges of the modern age through:
- a world-leading Digital Services Tax which will ensure that digital businesses pay a fair amount of tax
- a review of competition in the digital economy, led by Professor Jason Furman, putting the UK at the forefront of a global debate on how to ensure tech markets remain competitive and work for consumers
- a National Retraining Scheme which is giving working people the skills they need to succeed in a changing economy
The UK has a thriving digital sector, worth over £130 billion, and a digital economy employing more than 2 million people.
The funding announced today is part of the £7 billion extra we have committed to science and innovation since 2016 – the largest increase for 40 years.
The unemployment rate in the UK is at its lowest since 1975.
The employment rate is at a record high and wages are rising at the fastest pace in over a decade.
Compared to this point in previous years, the deficit is the lowest in 16 years. The deficit is down by four fifths since 2010 and debt is falling on a sustained basis for the first time in a generation.