Jeremy Hunt has talked up Britain’s prospects of turning into the “world’s subsequent Silicon Valley” in a summit with artistic industries leaders.

The Chancellor has mentioned the Prime Minister’s ambition for the UK to turn out to be a “science and know-how superpower” is vital to the nation’s future.

Talking at a Treasury Join occasion in a sequence of presidency enterprise conferences, Hunt instructed artistic business bosses “the most important alternative for the UK going ahead is to be the world’s subsequent Silicon Valley”.

“We have now the elements to do one thing exceptional,” he mentioned.

‘Distinctive mixture’

“We don’t simply have the creativity, the entrepreneurs, the superb companies, however now we have the world’s second largest monetary sector to assist these companies develop and now we have one of many world’s most revered larger schooling sector’s to offer the analysis and improvement heft to sit down behind it,” he continued.

“It’s a novel mixture, it’s the mixture Silicon Valley itself had. However there aren’t very many different locations on the planet which have that mixture.”

And Hunt highlighted the necessity for artistic industries on the forefront of tech improvement, saying: “Know-how wants creativity and creativity wants know-how.

“All of your companies have been fully remodeled by tech during the last decade however truly the tech business wants the creativity that’s the start line of all of your companies.”

‘Not there but’

Nonetheless, he confused that the UK was nonetheless a way off attaining tech superpower standing.

“We aren’t there by a really good distance however within the final 10 years now we have turn out to be Europe’s largest tech centre, with the third largest sector on the planet after the US and China,” he mentioned. “[We’ve become] Europe’s largest life sciences sector, Europe’s second largest renewable sector and largest in relation to offshore wind.”

His feedback come after Rishi Sunak and science, innovation and know-how secretary Michelle Donelan unveiled the Science and Know-how Framework in March.

Ministers need to cement the UK as a tech superpower by 2030 and have pledged £370m to spice up funding in innovation, carry international expertise to the UK and fund cutting-edge AI analysis.