The next Silicon Valley: UK technological development
Summary
Jeremy Hunt, Chancellor of the Exchequer, said: “I want British firms to lead the world in turning fantastic science into new products and services – and we need to make sure government is doing everything we can to encourage innovation and competition. Dr Henry Balani, Head of Industry and Regulatory Affairs at Encompass Corporation, comments: “These appointments are a positive indication that the government is taking tangible steps towards fulfilling its promise to support and drive innovation, which will ultimately fuel growth and help to bolster the UK’s position as a global leader.” “However, there’s some way to go before the government’s ambition of the UK being recognised as ‘the world’s next Silicon Valley’ is realised, and there must be attention placed on how the UK develops its regulatory model so that there is an effective balance between the importance of fostering innovation and ensuring a robust environment that helps to combat financial crime. “Regulatory technology will be key in this respect, and we should expect to see the emphasis on digital transformation, and its benefits, increase in the coming weeks and months. With cloud technology and tools powered by automation, financial institutions can embark on digital transformation journeys that help to ensure continued regulatory compliance, as well as the ability to stay agile, competitive, and grow." The five innovation leaders will be Matt Clifford, Chair of the new Advanced Research and Invention Agency, Priya Lakhani OBE, a member of the AI Council, Sir John Bell, board director at Genomics England, Camilla Fleetcroft, Vice-President of Clinical and Regulatory Affairs at Eclevar UK, and Jane Toogood, Chief Executive of Catalyst Technologies at Johnson Matthey.