1. Innovative 2. Reach of 3. Regulatory 4. Access to 5. Resilient business Our global offer to business: ecosystem 昀椀nancial activity environment talent and skills infrastructure London and the UK’s competitive 8 strengths supporting economic growth Tech and innovation are at the valuation or exit), out of 138 unicorns 1.2 Tech and innovation heart of the City of London’s growth in the UK. This demonstrates £3bn London’s position as a hub for high- plans, with support from industry growth, innovative companies, and and government. invested in UK AI scaleups the City of London alongside UK Tech innovation has the power to government has invested in the policy EU in November 2023. The UK also drive growth and pro昀椀ts across and programmes to support them. The UK is at the cutting edge of 昀椀ntech developments, and a world leader in convened business leaders and top the business landscape. Financial Source government o昀케cials at the AI Safety innovative payments systems, regtech, insurtech and cyber security. It is the leading services is a natural partner: the Summit, where outcomes included industry has a long history of pushing 昀椀ntech centre in Europe – London attracts more 昀椀ntech investment than the next Dealroom 2023, BRES 2023 an agreement to harmonise testing technological boundaries to gain a AI can drive improvements in e昀昀orts before new releases. The UK 13 European cities combined. The UK’s FPS industry helps ambitious new companies competitive edge. Tech jobs in the launched the AI Safety Institute, the ef昀椀ciency and competitiveness for to thrive by providing an established customer base, as well as the 昀椀nancing and City have almost doubled between world’s 昀椀rst government capability British business. 2017 and 2022 and make up 14% of services to succeed. for testing AI models – the US, jobs in the City of London, compared Singapore and EU have since followed £3bn of private capital was invested to 昀椀nancial services and professional with their own versions of the UK’s into UK-based AI scaleups in 2022: services which account for 32% and model and agreed to work together. nearly double the funding compared 28%, respectively. Tech is the fastest- The UK has led this important global to France, Germany, and the rest of growing employment sector in the work stream and other countries Europe combined. The UK is a global City. There are 104 unicorns in the including France and South Korea thought leader on AI development, capital (companies with a US$1bn+ have agreed to host the next AI driving debate and cooperation Tech and innovation score Safety Summits. with other 昀椀nancial centres. The Bletchley Declaration on AI safety Source 104 and security cooperation, led by UK Intellectual Property O昀케ce unicorns in London the UK government, was agreed London New York City Singapore Frankfurt Paris Hong Kong Tokyo and signed by 28 countries and the (UK) (US) (Germany) (France) (Japan) Vision for Economic Growth Big move: Big move: Be internationally competitive on data and digital. Invest in an innovation and growth mindset across Create a di昀昀erentiated approach to data policy government, regulatory agencies, and industry. and regulation that combines high standards with Digital transformations of the next few years will pragmatism. Promote digital veri昀椀cation by scaling require agile responses that cut across existing the deployment of the robust standards government regulatory boundaries. Deploying machine-readable has been developing. Also, consider emulating the regulation, and tasking regulators to do so, would be US’s Electronic Data Gathering, Analysis, and Retrieval another critical change. (EDGAR) system to make it easier for investors to 38 59 38 24 18 25 17 assess information about public companies when making investment decisions.