Friday 27 January 2023

Chancellor launches bid to turn the UK into ‘world’s next Silicon Valley’

Jeremy Hunt has today said the UK is positioned to be a world leader in clean energy.

In a speech, during which the UK's future economic growth plan was outlined, the Chancellor said: "Last year we were able to generate an incredible 40% of our electricity from renewables and on one day, on 30th December we actually got 60% of our electricity from renewables, mainly wind."

Hunt cited McKinsey's estimates that the global market opportunity for UK green industries could be worth more than a trillion pounds between now and 2030.

Addressing an audience of City executives, the Chancellor said: "I want to ask you to help turn the UK into the world's next Silicon Valley. What do I mean by that? If anyone is thinking of starting or investing in an innovation or technology-centred business, I want them to do it here.

"I want the world's tech entrepreneurs, life science innovators and green tech companies to come to the UK because it offers the best possible place to make their visions."

Speaking about regional economic growth, Mr Hunt said: "Every region has seen pay grow faster than London since 2010, which shows that our approach to regional growth is working.

"But there's much more to do. And whilst government grants can play a galvanising role, they aren't the whole answer. We also need the connectivity that comes from better infrastructure."

During follow-up questions from reporters, the Chancellor added: "We are second only to Germany and Europe for our generation of electricity from renewables. We have a massive amount of investment and we have a massive queue of people who would like to invest more.

"We've got great opportunities - we have said clean energy is one of our five key sectors - and by the way, nuclear is a very important part of that and despite the financial constraints we prioritise Sizewell to show that we are gonna make progress in that area too."