Tech companies have a ‘business warning’ for UK: Report – Times of India

Technology companies in the UK seem to be unhappy. According to a report in Bloomberg, a group of almost 1,000 technology companies has warned that the UK risks falling behind in key technologies such as AI and semiconductors if the government doesn’t urgently overhaul its policies and regulations.
TechUK, a lobby group whose members include Google parent Alphabet, Amazon and Apple, has reportedly said in a report published that Britain was a “broken” economy for growing startups and described its regulation as “expensive and awkward.” The report follows Microsoft Corp’s rebuke of Britain after its antitrust watchdog, the Competition and Markets Authority (CMA), blocked its acquisition of Call of Duty video game maker Activision Blizzard Inc.
It points to growing doubts over the UK’s post-Brexit attractiveness to business, at a time when homegrown companies like Arm Ltd are looking abroad for investment and growth opportunities.
Message for next general elections
The 60-page report also offers policy recommendations addressed to “the next government” ahead of the country’s next general election, which has to take place by the end of January 2025. These, as per the report, include better long-term planning and delivery, and reforming tech regulation to better support growth.
Other issues highlighted in the report include the high relative cost of UK visas and lab space and problems connecting to the electricity grid that deter investment in businesses, such as data centers and semiconductor factories.