Chancellor of the exchequer, Rishi Sunak, is optimistic about the ‘new age of entrepreneurship in Britain.
Hailing the rise of startup and innovators, he believes that new tech-led enterprises will lead the economy out of its depressed state.
He has recently pledged the full support of the treasury in ensuring that the efforts and successes of entrepreneurs and duly celebrated. Referring to new research and development credits, options schemes and visa rules, Sunak believes that these incentives will help to support the UK’s growing startup scene.
In his vision for progress, Sunak believes that Britain’s public sector could potentially resemble an innovative startup rather than a large bureaucracy:
‘We want to move quickly, be highly consumer-orientated and do things that scale impact. We want to do things that are technology-centric as that’s how people are living their lives. So hopefully, we can have that startup Treasury mindset’
Sunak’s Ambitions to Boost Startup Scene
Rishi Sunak’s plan builds on mandates outlined in the 2021 Budget, specifically those which enable a true scaling up of progress and innovation.
Recently, the government announced plans to boost the UK’s fintech, digital and financial services scene. Aimed at startups, the new FCA ‘scale box’ will support digital and finance leaders in developing state-of-the-art products and work opportunities.
The plan will build on ‘opportunities generated since the UK’s departure from the EU’. Taking forward many recommendations from the Fintech Review, the Chancellor aims to integrate a more ‘open, greener, and more technologically advanced’ vision into the UK startup market:
‘The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs, push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre’
Sunak’s ‘ambitious set of reforms’, which will later be elaborated on in Tuesday’s Queen Speech, are set to support new business leaders in the coming year. He states that the reforms will specifically target and improve access to new talent: an important issue that plagues most startups today. He adds:
‘The thing that most founders, entrepreneurs and people in the community have raised with me is people and talent. […] The solution is a mix of training and development at home, and having a migration system that supports that as well’
Supporting New and Growing Firms
What can startup entrepreneurs expect from Sunak’s new plan?
The Chancellor’s offering includes measures to enhance businesses’ pioneering ‘regulatory sandbox’, which has been an invaluable resource for growing startups. Additionally, the plan will allow companies to test new products, propositions and offerings against a ‘one-stop-shop’ for growth stage firms.
Additionally, the plan includes a process to launch the second phase of the ‘Digital Sandbox’ initiative: a package that will allow firms to tackle sustainability and climate-change related challenges. Many startups have already integrated such processes within their working models; however, this stage of the plan will provide the means to identify and address sector challenges on an individual basis.
The Tory party hopes that it will play a leading role in the UK’s economic recovery in appealing to young technology companies. As the country bounces back from a double-dip recession, the government will inevitably need to lean on innovation sparked by the pandemic response.
Given that the UK receives over $15 Billion in startup investment every year, it is likely that due success of growing companies will keep the economy afloat. Among businesses in the market, startups have managed to survive the ups and downs of the pandemic, due to their honing of digital acceleration and adoption. Specifically, digital startups in healthcare, online shopping and remote working have flourished.
This rate of growth has inspired Sunak’s mindset, who sees the age of digital acceleration as akin to an ‘age of entrepreneurship’.
Recommended for you

Antidepressant Prescribing at Six-Year High
More people are taking antidepressants than ever. Is this a dark sign of the times or an indication that mental health stigma is changing?

Can AI be Used to Determine Cancer Recurrence?
When cancer patients go into remission, they often worry about it coming back. AI can now help identify those at risk of cancer recurrence.

Pegasus – Still a Threat to the UK?
The notorious Pegasus spyware has been misused to exploit vulnerabilities in devices, even those kept within the walls of Number 10.
Trending

Drug Decriminalisation: Could the UK Follow Portugal?
Portugal’s drug decriminalisation has reduced drug deaths and made people feel safe seeking support. Would the UK ever follow suit?

Calling All Unvaccinated UK Adults
With Covid cases rising, the NHS is urging the 3 million UK adults who remain unvaccinated to come forward.