In 2022, the United Kingdom’s technology industry was valued at one trillion dollars, making it a strong ally for the technology sector in the United States. As of April 2023, there are over 160 private technology start-ups in the UK, which is more than the number of private start-ups in combined European countries such as Germany, Sweden, and France.
Experts believe that the UK’s growth in its technology industry presents US investors with an excellent investment opportunity. To encourage this, the government flagship programme GREAT launched a paid media campaign in April 2023 in San Francisco to encourage US investors to invest across the pond.
Investing In The UK’s Tech Sector
The campaign combined various paid media channels, such as billboards in San Francisco, digital display advertisements, and targeted advertisements on LinkedIn. Following the campaign’s launch, investors and technology leaders from Silicon Valley were also invited to the 2023 London Tech Week, where they learnt about the UK tech industry’s scale, talent, reputation, and regulation.
Of course, US tech companies setting up shop in the UK is not new. Some of the biggest technology companies in the world have offices in the UK, such as Facebook, Google, and Amazon, which opened a new corporate office in Manchester in 2020.
While London is typically the hot spot for US tech companies, Northern cities such as Manchester and Leeds are starting to attract more attention due to their strong digital infrastructure, start-up scene, and emerging talent. Leeds, in particular, is growing in the digital advertising space.
There have also been more government initiatives trying to grow the North of England’s technology industry, like Tech North. Tech North focuses on developing the digital business sector in Northern England, hosting programs and events like the Digital Jobs Summit.
With that said, UK technology companies should be watching the US space just as much. Despite the growth of the technology industry in the UK, the United States is still the world’s leading tech hub. The US is responsible for various market dynamics and technology trends, so paying attention to financial tools like the US economic calendar will give UK companies insight into the US economy and investor sentiment.
The economic calendar looks at everything from trading news and tracking forecasts like stock changes and interest rate projections. Companies in the UK can also filter economic calendars to the UK, which will give even more insight into where the UK stands compared to the US.
Globalisation
Globalisation has increased significantly over the years, and the blooming mutually beneficial relationship between the technology industry in the United States and the United Kingdom is one example of this.
The United Kingdom is climbing up the ranks in dominance in the global technology space, and campaigns such as GREAT’s US initiative in San Francisco will likely cause the industry to continue climbing. However, the UK needs to watch the US just as closely since the country’s economic success plays a large part in technology trends that enter other markets and countries.
