Over half of tech and science firms (53%) think the government should offer more motivation for them to keep manufacturing operations and headquarters in the country, according to new research.
A survey commissioned by Pragmatic Semiconductor found that the majority (67%) of firms think that the government needs to set aside more than the currently allotted 2.4% of GDP by 2027 if it wants to reach its 2030 “superpower” goal.
When it comes to hiring, 70% of people asked revealed that they had struggled with hiring and attracting investment in the last year according to the research commissioned by Pragmatic Semiconductor. Almost half (48%) thought that regulation surrounding tech and science needs to be better understood.
Scott White, CEO, Pragmatic Semiconductor, said: “The UK needs to retain the value creation from its innovation and research. However, this is only feasible for UK businesses – particularly those who are keen to expand rapidly – if the right support is there to nurture growth and ensure it happens from a UK base rather than overseas.”
White said: “Capital and finance opportunities, alongside UK-focused procurement policies, are critical if we are to create a level playing field with places like the US, the EU and China.”
Two-fifths of the report thought that the government should offer greater support if the UK wants to rival other countries.
Pragmatic received £28m in Series C investment in December for the building of its second semiconductor fabrication plant.
The government has recently taken several strides in developing the country’s technology ecosystem, today has seen the launch of a new government department that will address science, innovation, and technology in Rishi Sunak’s reshuffle.
Just last week, the government announced that it would be creating a medtech strategy for the NHS to grow its use of new medical technology.
The crypto industry also received attention last week from the government with proposals for cryptoasset regulation and follows the Treasury’s investigation into the possibility of a stablecoin version of the pound.