Jeremy Hunt has talked up Britain’s prospects of changing into the “world’s subsequent Silicon Valley” in a summit with artistic industries leaders.

The Chancellor has stated the Prime Minister’s ambition for the UK to turn into a “science and know-how superpower” is essential to the nation’s future.

Talking at a Treasury Join occasion in a sequence of presidency enterprise conferences, Hunt advised artistic business bosses “the most important alternative for the UK going ahead is to be the world’s subsequent Silicon Valley”.

“We’ve got the substances to do one thing exceptional,” he stated.

‘Distinctive mixture’

“We don’t simply have the creativity, the entrepreneurs, the wonderful companies, however now we have the world’s second largest monetary sector to assist these companies develop and now we have one of many world’s most revered greater training sector’s to offer the analysis and improvement heft to sit down behind it,” he continued.

“It’s a novel mixture, it’s the mix Silicon Valley itself had. However there aren’t very many different locations on the planet which have that mixture.”

And Hunt highlighted the necessity for artistic industries on the forefront of tech improvement, saying: “Expertise wants creativity and creativity wants know-how.

“All of your companies have been utterly remodeled by tech over the past decade however really the tech business wants the creativity that’s the place to begin of all of your companies.”

‘Not there but’

Nevertheless, he burdened that the UK was nonetheless a way off attaining tech superpower standing.

“We’re not there by a really great distance however within the final 10 years now we have turn into Europe’s largest tech centre, with the third largest sector on the planet after the US and China,” he stated. “[We’ve become] Europe’s largest life sciences sector, Europe’s second largest renewable sector and largest relating to offshore wind.”

His feedback come after Rishi Sunak and science, innovation and know-how secretary Michelle Donelan unveiled the Science and Expertise Framework in March.

Ministers need to cement the UK as a tech superpower by 2030 and have pledged £370m to spice up funding in innovation, deliver international expertise to the UK and fund cutting-edge AI analysis.