£21 million into Tech City UK
November 15, 2017
Today in Westminster, Prime Minister Theresa May will signal her support towards the UK’s thriving digital tech sector by hosting a roundtable discussion that involves several prominent technology entrepreneurs and figures. This roundtable comes after the announcement on Tuesday that over the next four years the government will be investing an extra £21 million into Tech City UK.
Tech City UK is a semi-public organisation that helps growing technology companies across the UK. The extra funds from the government are to go towards a company rebrand to “Tech Nation”, with a view to encouraging the creation of additional tech clusters nationwide.
One of Tech City’s programmes is designed to ensure that the UK continues to maintain its position as a globally competitive digital economy. As the designated competent body for digital technology, they oversee the endorsement of visa applications from overseas tech ‘talent’ seeking to enter the UK under the Tier 1 Exceptional Talent Visa.
Alongside news of the additional funding, the government has also announced that the maximum number of Tier 1 (Exceptional Talent) visas available through the scheme will increase from 1,000 to 2,000 per year.
Theresa May released a statement about the news saying: “It is absolutely right that this dynamic sector, which makes such an immense contribution to our economic life and to our society, has the full backing of Government. Helping our world-class entrepreneurs and innovators to succeed is how we lay the foundations for our prosperity and build an economy fit for the future…And as we prepare to leave the European Union, I am clear that Britain will remain open for business.”