The front row of tech titans at the Trump inauguration was, among many other things, a sign of US technological supremacy – one of the key factors powering its economic growth. The US has clearly demonstrated that a country’s economic and security interests are wholly reliant on its capacity to innovate and dominate new technologies.
Although the UK’s record on tech and innovation is outstanding, too often we have failed to turn it into business growth. The hard truth is that UK economic growth has remained woeful since the 2008 global financial crisis, impeded by austerity, and since then a combination of Brexit, COVID-19, Russian aggression and the market turmoil of Liz Truss’s September 2022 mini-budget.
No one should doubt that the prioritisation of tech and Al-led growth coming out of Number 10 and the Treasury is the correct long-term thinking for this country. The Chancellor’s Oxfordshire speech, committing to going further and faster to kickstart economic growth, should be a harbinger of a brighter future.
We focused the local authority on attracting investment and bringing organisations and people together who can help deliver economic growth for all. Since then the results have been staggering. We have helped to attract £6 billion of growth investment in science, technology, engineering, maths, medicine and media (STEM) industries; created over 13,000 jobs; produced more spinout start-ups than anywhere else in the UK and increased opportunities in our community.
This approach has seen significant investment into the long-cycle industries of the future: life sciences, climate tech, cyber security, AI, fintech, the creative industries, digital, defence tech, TV and film. All sectors the Chancellor and Treasury have earmarked as growth sectors in the Government’s national Industrial Strategy.
At the end of last year, we launched the second phase of our industrial strategy – called Upstream London – aimed at achieving total inclusive economic growth. This is focused on ensuring that prosperity is shared by all residents in our Borough. Our Hammersmith & Fulham Upstream Pathway Bond enables businesses to play their full role. Those who sign up will offer a suite of opportunities to the local community – such as mentoring, sponsorship, STEM experiences and opportunities – enabling people to follow a pathway into new skills, new careers and the jobs of the future.
Like suns, Silicon Valley and Kendall Square are centres of tech gravity, shining brightly and pulling investment, talent, and businesses into their districts. Around the world, communities are acting to do the same. The White City Innovation District has that gravitational pull.
And as it expands across the emerging West Tech Corridor will offer huge opportunities for our country. The Chancellor’s plans to revive the Oxbridge corridor can do the same. Now we have a government whose number one mission is economic growth, with tech and AI at its core, the opportunities for rebuilding our nation’s economic trajectory are strong.
