Spring budget: Quantum and AI support will strengthen UK as a hub for innovation – comments

Following the Spring Budget yesterday, Emil Gigov, partner at Albion Capital, believes the Chancellor’s new support for the fintech and Quantum sectors will attract greater outside investment and strengthen the UK’s position as a global innovation hub: “The Chancellor’s new plans to incentivise UK fintech, AI and Quantum computing will ensure the UK remains at the forefront of technological innovation in the coming decade. The newly revealed plan to invest £2.5bn in Quantum, including doubling the funding available to researchers, will be instrumental to this.

“Tax incentives for AI and fintech companies investing in research and development will amount to a discount of 27p to the pound, encouraging businesses to commit greater spending on key research areas and catalyse the growth of these industries.

“The Chancellor’s financial support, in conjunction with the longstanding strength of our financial services, the deep pool of technical talent produced from our universities and a progressive regulatory environment, offers the business climate needed for tech companies to flourish. Government support for these industries sends a powerful message, whilst giving the next generation of tech companies a welcome leg-up in a globally competitive market.

“The UK has an excellent track-record for producing innovative fintech companies such as Solidatus, which helps banks manage their complex data systems to ensure accurate reporting and compliance with regulations and Elliptic, which enables regulatory compliance for crypto assets. A supportive Chancellor will go a long way to ensuring we continue to cultivate these companies and their associated sectors in the short and long-term.”