The offerings on the table include: A doubling from 1,000 to 2,000 in the number of visas available to high-talent individuals across the globe, with the promise of an investigation into how companies outside London can take advantage of this talent pool; £21 million to expand Tech City, the area of East London home to numerous UK's top technology companies, into Tech Nation with Belfast, Cardiff, Edinburgh, and Birmingham to benefit from a claimed 40,000 entrepreneur across 4,000 startups; £20 million for public services looking to take advantage of 'innovative technologies,' including artificial intelligence; a £20 million training programme for 14-18 year olds to 'test their skills against simulated online cyber threats;' and a £2 million voucher scheme to boost broadband connectivity in Aberdeenshire, Bristol, Bath, North East Somerset, Coventry, Warwickshire, and West Yorkshire. It is hoped the stimulus will reduce the threat of startups leaving the United Kingdom and ensure that talent is not dissuaded from departing.
Theresa May is also setting out a £60 million package of support for the technology sector including a new training programme and measures to boost the industry in cities including Belfast, Cardiff, Edinburgh and Birmingham. Helping our world-class entrepreneurs and innovators to succeed is how we lay the foundations for our prosperity and build an economy fit for the future.
'Technology is at the heart of our modern Industrial Strategy, and we will continue to invest in the best new innovations and ideas, in the brightest and best talent, and in revolutionary digital infrastructure.
"As we prepare to leave the European Union, I am clear that Britain will remain open for business".
The measures also include an investment of £21 million to expand Tech City UK into a nationwide network, dubbed Tech Nation; the establishment of a "GovTech" fund to encourage UK firms to use tech to solve challenges facing the public sector; and a £20 million programme to train young people aged between 14 and 18 against online cyber threats.
A new £2m pilot voucher scheme is also being launched today by the Department for Digital, Culture, Media and Sport (DCMS), in Aberdeenshire, Bristol/Bath and North East Somerset, Coventry and Warwickshire, and West Yorkshire.
Eileen Burbidge, Chair of Tech City UK, was among a number of industry experts to praise May's decision. It said it would set up a number of regional hubs across the country.
"We can not ignore the fact that our digital and tech economy can not survive on home-grown talent alone and is substantially boosted by exceptional foreign individuals who have chosen to build their businesses in the UK". Tech giants such as Facebook, Google, Amazon and Snapchat have said they need to be able to attract the best people once they increase hiring in the UK.