Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, what steps her Department is taking to support growth in the tech sector.

DSIT’s mission is to secure the UK’s status as a world-leading science and technology superpower by 2030; with communities in every corner of the country benefitting from the bold new discoveries, strong economic growth and high-skilled, high-paid jobs this will unlock.

We are building from a position of strength. The UK was the third country in the world to build a $1 trillion tech sector, in addition to having the largest tech ecosystem in Europe, and creating 152 unicorns since 2000 (as of 23rd January 2024). In 2023, UK tech companies raised $21.3bn of investment, more than France ($9.2bn) and Germany ($8.2bn) combined.

However, we cannot rest on our laurels. That is why in January, the Secretary of State announced the new Scaleup Forum which will bring together a group of established founders and bold investors to advise the Government on what it can do unlock the growth potential of British scale-ups and ensure that the scalable businesses of today can become the tech giants of tomorrow.