The U.K. is planning to update its digital strategy for the first time since 2017, in a bid to attract tech talent to the country, and encourage pension funds to invest in tech startups.
The new strategy comes at a time when tech startups are cutting jobs after facing pressure to focus on profits rather than growth.
The government "will do everything to enable" the tech sector's success in a bid to avoid a low-growth, high-inflation environment, said Chris Philp, Minister for Tech and the Digital Economy, at London Tech Week. The U.K. tech sector has grown three times faster than any other area of the economy since 2015, he added.
The digital strategy also has six visa routes to help highly-skilled people travel to the U.K. to join tech businesses. The government's Home Office "is promising a three-week turnaround in those visa applications," Philp said.
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