Foreword Introduction: the opportunity Policy and regulation Aligning US and UK approaches Investment and capital 昀氀ows Sector focus Looking ahead Sector focus US and UK 昀椀nancial and professional services: growing together Tech From payments to regtech, insurtech and climate tech, OpenAI, the San Francisco-based company and owner of the products and services launched and scaled in the UK ChatGPT opened their 昀椀rst international o昀케ce in London 22 this year. Likewise, C3, the AI digital transformation provide investors with a steady pipeline of opportunities. The UK tech industry accounted for over half of the business listed on NYSE relocated their EMEA 23 headquarters to London. investment 昀氀ows from US managers and institutional 18 investors. In 2022, the US was the largest source of Many US 昀椀nancial services 昀椀rms also pilot their 19 investment in UK tech. innovation projects in the UK, thanks to an innovation- friendly regulatory and policy environment. For example, UK 昀椀ntechs also have enormous opportunities to expand the Citi group kickstarted its blockchain and digital assets in the US. For example, payment 昀椀ntechs like SumUp and business in London in 2021. J.P. Morgan set up a new GoCardless are global leaders whose tested and low-cost digital platform under the Chase brand and plans to solutions can 昀椀ll a gap in the US market. 24 double its UK headcount to 2,000 by 2024. Over 1,800 US tech 昀椀rms and counting have a UK 20 presence. As the largest tech hub in Europe, the UK serves as an ideal entry point for US AI 昀椀rms looking to expand. Firms based here can also take advantage “We chose London as our 昀椀rst of an exceptionally strong and diverse talent pool that o昀케ce outside of the US because excels in both traditional and emerging specialisms: the combination of incredible for example, London boasts the highest proportion 21 of AI engineers in Europe. universities across the UK, a deep capital market, and the potential for clear and practical regulation all point to the UK’s potential to 1800+ become a global web3 centre and hub of innovation.” US tech 昀椀rms in the UK Brian Quintenz, Global Head of Policy, crypto, Andresseen Horowitz Sources: 18. Pitchbook 2021 19. fDi Markets accessed October 2023 20. fDi Markets accessed October 2023 21. Sifted 2023 22. Silicon UK Tech News 2023 23. C3.ai 2023 24. fDi Markets accessed October 2023 10