Commenting on the Spring Budget 2017, Patrick Imbach Co-Head of KPMG Tech Growth said:
“The Chancellor made some welcome announcements in today’s Budget, demonstrating that the Government acknowledges technological innovation is key to grow the UK economy in the future and addressing its productivity gap. These include, amongst others, £300m to support the research into STEM subjects, £270m to support development in areas of disruption and innovation including biotech and driverless vehicles, and £200m on improving access to superfast broadband. The £690m made available to local councils to address local congestion issues will present a great opportunity for startups innovating in the area of smart cities and mobility/ transportation.
“The Chancellor is also right to invest in 5G technology, which was one of the main themes of last week’s Mobile World Congress in Barcelona. However, with Ofcom, the UK regulator, wanting 5G to arrive by 2020 and operators still looking to make a return on their 4G investments you would need to question how much of an impact £16m will have?”
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