In The News > October 30, 2018

Budget 2018: Tech Industry Reactions – Silicon

The potential of emerging technologies will transform the way we live and work

The tech industry has given its reaction to this year’s Budget unveiled by the chancellor Philip Hammond on Monday.

The Budget 2018 was notable for the tech industry as it included a number of strategic announcements and extra funding for the sector, including cyber defence, the UK’s industrial strategy, and the so called “digital tax” on big name tech firms such as Amazon, Facebook, and Google, to ensure they pay their fair share of tax.

Expert reaction – Industrial strategy

Aside from the digital tax and cyber security, this year’s budget also included an announcement of an additional £1.6bn for the government’s Industrial Strategy, which it unveiled earlier this year.

“The potential of emerging technologies such as blockchain, artificial intelligence and quantum computing to transform the way we live and work has been heralded for some time now and it’s great to see the UK government committing to funding their development,” said Ian Smith, Founder and CEO of Gospel Technology.

“This commitment will ensure that the UK continues to lead the innovation and development of these technologies and ensure that we can all enjoy the benefits of the innovation that surrounds us without worrying about the exposure of our sensitive information,” said Smith.