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 1. You're here:
 2. The UK's technology trade association
 3. What we deliver
 4. Insights
 5. The Chancellor indicates at building the right foundations to enable growth,
    the tech sector must be front and centre of this.

techUK news and views
18 Jul 2024


THE CHANCELLOR INDICATES AT BUILDING THE RIGHT FOUNDATIONS TO ENABLE GROWTH, THE
TECH SECTOR MUST BE FRONT AND CENTRE OF THIS.

This is part of techUK’s Digital Economy blog series, where we deep dive into
defining trends across the tech sector.

Labour has made growth its central mission and wants to make the UK the
fastest-growing economy in the group of seven industrialised economies by the
end of the parliament. The Chancellor Rachel Reeves has hit the ground running
in her first few weeks in no11 Downing Street to deliver on this. Below, we
outline what initial action could mean for the tech sector. 

SO, WHAT HAS THE CHANCELLOR DONE SO FAR?

In the 72 hours following the election of the Labour Party, the Chancellor
delivered her first speech to room of top business people, with announcements
appearing to show a lazor focus on growth. 

The tech sector, and businesses alike, welcomed this speech and the focus on
stability, investment and reform. There has been particular hope that Labour’s
overhaul of the planning system will give the UK an economic boost and lift
stocks.  

Announcements included immediately reforming the planning system (with a Bill
expected in the King’s speech this week), planning permission for two data
centres, 300 new planning officers, lifting the ban on onshore windfarms and the
Government will consult on creating a Nationally Significant Infrastructure
Projects (NSIP) route for onshore wind.  

Alongside this, Reeves outlined the priorities for how the new Labour will run
Treasury. A Growth Delivery Unit has been established at the heart of HM
Treasury and preparations have begun to establish a Growth Mission Board that
will meet before Summer recess. 

Reeves has indicated that the Treasury dedicate increased resources for focus on
growth. Spencer Livermore will serve as as deputy Minister for growth, and Chief
Secretary Darren Jones will focus on tax. 

SECURONOMICS PLAYING OUT IN ACTION

Rachel Reeves’ securonomics, her guiding economic philosophy, sees an economic
model that recognises an increasingly fractious global world and period of
recent economic instability. It sees the Government work more strategically with
the private sector on an industrial strategy. As well as actively seeking to
disperse growth opportunities across all regions of the UK, with more decision
making from mayors and local government. 

Securonomics has already been playing out in action. For instance, other updates
last week also include launching a new National Wealth Fund (NWF) through
reforms to the UK’s public investment banks and beginning to form a new council
of economic advisers. Along with announcing an Industrial Strategy Council and
greater devolution through an English Devolution Bill, giving new powers to
metro mayors and combined authorities.  

The NWF will focus on strategic net zero technologies and pool in private sector
investment. It aims to attract £3 of private cash for every £1 of public funding
put in via the NWF. If successful, this would take total investments to about
£29 billion. So far, areas of strategic investment include £1.8 billion of
public funding to ports, £1.5 billion for gigafactories, £2.5 billion for clean
steel, £1 billion for carbon capture and £500 million to green hydrogen.  

On the council of economic advisers, Jon Van Reen (innovation expert and former
Downing Street policy adviser under Blair’s New Labour) will head the body.
Others tipped to be on the Council include Anna Valero at the London School of
Economics and Neil Amin-Smith, previously at the Institute for Fiscal Studies. 

It’s clear that growth is the national mission to improve lives and deliver on
public services, and we have no time to waste. It’s no surprise we’ve seen
several Secretary of State’s have since been describing their own departments as
‘growth’ departments (whether Wes Streeting in the Department for Health and
Social Care or Peter Kyle in the Department for Science, Innovation and
Technology).  

The King’s speech yesterday further outlined bills geared towards growth. This
included the Budget Responsibility Bill delivering on the manifesto commitment
to introduce a ‘fiscal lock’. Along with the Planning and Infrastructure Bill to
reform the planning system, turning it into an enable of growth. Read more on
this via our techUK insight.  

TECHUK WILL SUPPORT THE CHANCELLOR TO DELIVER ON THE GROWTH AGENDA

At techUK, we believe this mission is the right one, with increased econimic
growth and reform needed to address the challenges the UK faces. Following our
recent Seven Tech Priorities report and UK Tech Plan reports, we are working
with our members to develop our growth plan ahead of the next fiscal event. 

This comes as the OBR recently predicted that the widespread use of AI
technology could support raising productivity by half a percentage point by
2028/29. In turn, the Government could expect to have an extra £39.9 billion of
spending money while also reducing costs by £6.2 billion. 

Our growth plan will call for a strategy that focuses on building the right
foundations, empowering Britain’s everyday economy and capitalising on the UK’s
unique advantages and growth opportunities.  

We look forward to working with Rachel Reeves and HM Treasury to seize the role
of the tech sector and digitsation to deliver economic growth across the whole
of the UK.  

Thanks for reading our blog. We’d love to hear your thoughts and feedback.
Please do reach out directly or follow us on LinkedIn @techUK.

MIA HAFFETY

Policy Manager - Digital Economy, techUK

×


MIA HAFFETY

Policy Manager - Digital Economy, techUK



Mia joined techUK in September 2023.

Mia works to ensure that the UK policy and regulatory environment promote
investment into the tech sector, recognising the role of digital and emerging
technology towards future growth and productivity. 

Prior to joining techUK, Mia worked as a Senior Policy Adviser at the
Confederation of British Industry (CBI) within the Policy Unit.

Mia holds an MSc in International Development from the University of Manchester
and a BA(Hons) in Politics and International Relations from the University of
Nottingham.



Email: mia.haffety@techuk.org LinkedIn: https://www.linkedin.com/in/miahaffety/

 

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