Technology firms to invest £2.3bn into UK economy

Prime Minister Theresa May has announced that technology firms are to invest more than £2bn into the UK economy, which will create 1,600 new jobs.

The announcement was made at a roundtable event, during which it was also revealed that a number of initiatives will be launched to support businesses in the UK and attract foreign tech entrepreneurs and investors.

Programme

Among the government-funded initiatives that were announced was a £2.5bn programme to help businesses expand overseas and two tech hubs, which are set to be launched in Brazil and South Africa.

Three tech firms announced investment into the UK economy at the event, which was hosted by May and took place at 10 Downing Street.

US cloud computing firm Salesforce will invest £1.9bn over the next five years, while the UAE's state-owned sovereign wealth fund Mubadala will launch a £300m UK-based investment fund, and Japanese IT services firm NTT Data will invest £41m into a new office and innovation centre, boosting the number of jobs over the next few years.

News of the investments comes after the Home Office announced earlier this week that new start-up visas for entrepreneurs looking to come to the UK will be launched in spring 2019.

Expertise

Commenting on the announcement of the tech investments, the Prime Minister said: “The measures we are announcing today will allow innovative British start-ups to invest in their future – and in the UK – by hiring more skilled people, expanding their business and exporting their expertise across the world.”