Call for a 21st Century Industrial Strategy for UK's Tech Ascent

The UK technology sector stands at a pivotal juncture, necessitating a modern industrial strategy to truly scale and thrive. With the upcoming government transition, there is a golden opportunity to redefine the UK as a global leader in science and technology. Despite boasting some of the world’s leading scientists and technologists, UK investment in research and development lags behind its global counterparts like the US, South Korea, and Germany. The current government has voiced ambitious targets, aiming to position the UK as a “global science and technology superpower by 2030” and a “scaleup powerhouse.” However, these goals are at risk without significant policy support and strategic direction. An effective industrial strategy must transcend outdated notions associated with heavy industry and instead focus on fostering high-tech industries, ensuring the UK can monetise its innovations rather than cede economic benefits to overseas entities. This strategy should integrate with vibrant marketplaces to enhance company valuations and attract investment, thereby creating a high-skilled, high-wage economy that could serve as the engine room of the nation’s GDP.