Spring Budget 2017: Chancellor signals growing importance of tech innovation in future of UK economy

Budget signals growing importance of tech innovation

Commenting on the Spring Budget 2017, Patrick Imbach Co-Head of KPMG Tech Growth said:

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“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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For further information please contact:

KPMG Press office

Tel:  +44 (0) 207 694 8773

Emma Murray, KPMG Corporate Communications

Tel: 020 7694 6506

Email: emma.murray@kpmg.co.uk 

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff.  The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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