London Growth Plan recognises emerging tech as the key opportunity for future growth

techUK welcomes the release of the London Growth Plan (27 February). The 10-year plan places tech and digitisation at the heart of future growth and prosperity for the global city. Artificial intelligence (AI), life sciences, robotics, cleantech, the creative industries and quantum computing are rightly identified as key opportunities for future growth. Looking ahead, industry collaboration must be at the heart of delivery on proposals.

In partnership between GLA, London Councils and London & Partners, the London Growth Plan aims to promote the city's economic growth and role as a global tech hub. Ahead of the Government’s modern industrial strategy and comprehensive spending review, the plans marks a pivotal moment for the mayor to set his stall on improving the productivity, inclusion, green growth and global reach of the city. At the heart of this is seizing London’s role as frontier creator of breakthrough technologies and solutions.

Over recent years, London has faced challenges ranging from the fallout of Brexit, Covid-19 pandemic and structural changes to the workforce. However, the city has remains resilient and has embraced new special patterns of growth and the transformation of work (flexible working, AI and the gig economy). London’s emerging strength in innovation and frontier technologies has also continued to gain momentum.

techUK represents over 1,100 members, of which nearly 700 are SMEs and we are pleased to see support for SMEs and scaling businesses front and centre of the plan, particularly those at the forefront of innovation. For instance, a pan-London business support service with a coalition of partners to: increase SME productivity; scale business in the growth sectors; systematically increase access to finance; close the entrepreneurship gap. Our ‘UK Tech SMEs: Driving Economic Growth and Innovation’ report highlights key challenges and opportunities for tech SMEs across regions of the UK, echoing similar priorities to the London Growth Plan.

What’s in it for tech?

Across all actions and proposals for the Plan, tech and innovation underpin delivery.

Key ‘one-year actions’ to back businesses include:

  • Launch a new London Tech and Inclusive Growth fund to provide loan and equity funding for high-growth SMEs.
  • Support scaleups in the growth sectors to expand into international markets.
  • Explore a large-scale intervention on SME finance, in partnership with the British Business Bank and others in the responsible finance sector.
  • Set a City Innovation Strategy for how London’s public sector will adopt innovation to solve problems for Londoners and, in doing so, grow frontier sectors like life sciences and green innovation.
  • Invest in a new quantum tech incubator in partnership with London universities.

techUK continue to call for better, and clearer, finance options to support high-growth SMEs, along with support for industries of the future like quantum tech.

Our upcoming ScaleUp Action Plan report (to be released 17 March) also point to key actions to support tech scale-ups to expand into new markets and pool further investment into high-growth tech SMEs.

techUK action 

techUK represent over 1,100 members from across the tech sector with a footprint and sprawling supply chains across all regions of the UK. We support the growth and prosperity of the nation’s capital as a thriving place for tech firms to scale and grow. While recognising the vital role of London as the ‘tech capital’ of Europe, we continue to call for the growth of digital and tech clusters business across all regions of the UK. This will deliver on better living standards and prosperity for all.

Our Local Digital Index 2024 aims to shine light on regions that are setting the pace in digital and tech provision, adoption and business growth. It demonstrates how access to technology and its application serve the cities and regions with the greatest potential to drive growth across UK - in exciting prospects such as green industries, life sciences, advanced manufacturing, the creative sector, and others.

Over the coming weeks, techUK will continue to engage with the GLA, London & Partners and London Councils on the next steps of the Plan. Our members will be central to achieving the objectives of the Growth Plan and we continue to call for active industry engagement and collaboration to deliver on proposals.


Matt Robinson

Matt Robinson

Head of Nations and Regions, techUK

Alison Young

Alison Young

Associate Director Local Public Services, techUK

Edward Emerson

Edward Emerson

Head of Digital Economy, techUK

Mia Haffety

Mia Haffety

Policy Manager - Digital Economy, techUK

Ileana Lupsa

Ileana Lupsa

Programme Manager, Local Public Services and Nations and Regions, techUK

Archie Breare

Archie Breare

Policy Manager - Skills & Digital Economy, techUK


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Meet the team 

Matt Robinson

Matt Robinson

Head of Nations and Regions, techUK

Ileana Lupsa

Ileana Lupsa

Programme Manager, Local Public Services and Nations and Regions, techUK

Stephanie Barr

Programme Manager, SME Engagement and Nations & Regions, techUK

Tracy Modha

Tracy Modha

Team Assistant - Markets, techUK

 

 

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