The UK is witnessing a moment of seminal change, charting a new course for its role as a global leader.
While 10 Downing Street made the decision to leave the European Union, it was the pandemic that forced its citizens to snub globalisation and take a more regional approach. At the same time, the recent publication of the UK Integrated Review finds “Global Britain” in an advantageous position wherein it can reignite old relationships and strengthen new ones through one single sector—technology.
From an insider’s viewpoint, technology is seeing a phenomenal amount of changes. Among others, it is being used to connect societies, enable remote working, help academia function smoothly. With investments worth $8 billion flowing into the country in just the first quarter, things seem even better at a macro level. According to a Tech Nation report, the UK launched a new tech business once every 30 minutes of 2020.
It is safe to say that the tech investors have hedged their bets on the right horse, with the pandemic making the sector more important than ever. The entire world is taking note of the shift, making Britain the fifth-largest digital services exporter. As a consequence, the nation saw its tech trade surplus go as high as 68% in recent times.
Even as the coffers are getting filled, the UK cannot ignore the international diplomacy angle here. It finds itself in a comfortable position wherein it can deepen ties with countries like Australia, India, and Oman.
Many a time, the desire to have a technological vantage position can transcend trade disputes or cold relations. And British tech entrepreneurs are certainly making the most of this trend by tapping into new markets at the right time and finding overseas investors for their businesses.
The tech sector, which often attracts unwanted criticism from the public and governments, has a great opportunity here. It can make amends in matters like misuse of data, disinformation, and climate change while also leveraging the opportunities that have recently opened up.
For instance, the latest tech could make the flow of physical goods a simpler affair by using data analytics and distributed ledgers. In the same way, AI companies could help the government fight fake news and cybersecurity firms can assist in warding off external threats.
The UK might not have all the answers. But Boris Johnson’s vow to make the country a cyber superpower and the rising employment rates in the tech space suggests that it can surely become a force to reckon with.
