Artificial Intelligence Opportunities Action Plan

John Glen Excerpts

Monday 13th January 2025 Commons Chamber

[Peter Kyle]

The people of Exeter will experience many benefits through this Government’s digital technology programme. We have created the digital centre of Government because previously digital services were dispersed across Government. The Government often bought off-the-shelf products and services from big providers, because the capacity did not exist in Government to understand, develop, deploy and program services in-house. We now have a powerful digital centre of Government, which is working alongside tech companies and often developing in-house. I am really excited that in the days and weeks—not months and years—that lie ahead, we will tell the public more about what the digital service is delivering for citizens across this country.

[John Glen (Salisbury) (Con)]

I draw the House’s attention to my entry in the Register of Members’ Financial Interests.

I welcome the Government’s ambition in this space, but one area of significant challenge to many tech companies that I have observed and invested in over 20 years has been the ecosystem of investment in the UK. May I urge the Secretary of State to work closely with the Parliamentary Secretary, His Majesty’s Treasury, the hon. Member for Wycombe (Emma Reynolds), who is undertaking valuable work on pension reforms, so that we can intensify the understanding in the City of the opportunities that exist in this new sector, particularly at series C and before, where there is a gap? It has a meaningful impact on the growth potential of so many businesses across this country.

[Peter Kyle]

The right hon. Gentleman raises an incredibly pertinent point, and he mentions one of the great challenges. There are many challenges in this agenda, which is why we are striving so hard to get as much progress as we can. Removing one of the key barriers to not just upscaling innovation, but keeping it in this country, involves making sure that the investment landscape is comprehensive and swift enough—not just at spin out and scale up, but when we get to the point where we need the further rounds of investment that he mentions. Sometimes that is in the hundreds of millions of pounds, and sometimes it takes time to become profitable. Taking that kind of investment risk is essential.

I can assure the right hon. Gentleman that the Chancellor and my hon. Friend the Parliamentary Secretary are both working intensively on pension reform. We did so in opposition, and we are carrying on with the Mansion House process. We want to make sure that the investment landscape in this country is world class. Right now, we have some work to do, but we are getting there.