British Prime Minister Rishi Sunak hosted a live question and answer session with business leaders from across the UK on Monday as part of a new Business Connect program. The goal of the program is to promote economic growth and create an optimal environment for businesses in the country to thrive.
More than 200 CEOs and business leaders representing the tech, life sciences, and advanced manufacturing sectors attended the event to hear directly from Mr. Sunak. The event took place not long after official figures were released that showed 1,800 job created every month since October 2022, when Mr. Sunak took office following Liz Truss’ failed mini-budget.
During the session, Mr. Sunak spoke of his experience meeting with over 1,000 business people. He emphasized the important role innovators and change-makers play in the economy, claiming that they support jobs, attract investments, and help drive growth. The session was designed to aid in a more meaningful dialogue between business and government and showed how committed the Prime Minister is to unlocking opportunities and progression.
Mr. Sunak went on to express his pride in the UK’s business credentials. He stated that the country’s 162 tech unicorns, smarter regulation, and world-leading universities make up the “right ingredients” for doubling down on growing the economy.
Further, the British-Indian leader revealed a new £100 million initial start-up fund for a task force focused on accelerating the UK’s use of artificial intelligence (AI). The Foundation Model Taskforce, which takes cues from the globally successful COVID-19 Vaccines Taskforce, will foster development in the safe and reliable use of AI throughout the economy and make sure the country remains competitive in this important technology.
In line with the long-term plan to create a more progressive and innovative UK economy, a ‘Innovation’ category was recently unveiled at the Great British Entrepreneur Awards. This award is set to recognize outstanding ideas that gear towards new products and services, and fuel economic growth.
Aside from emphasizing the importance of the AI task force and innovation awards, the government has also mentioned plans for new trade deals, including a potential free trade agreement with India. In response to this, Business Secretary Kemi Badenoch discussed the need for high-quality trade deals, eliminating market access barriers, and trimming down red tape to aid in creating a better experience for businesses within the economy.
British businesses have shown support for the Business Connect program, hailing it as a platform where business and government can come together to discuss UK’s objectives and the role of technology. Commenting on the program, C.S. Venkatakrishnan, the Indian American Group Chief Executive of Barclays, said that the UK will remain one of the best places in the world to start and grow a business, especially with the investments and initiatives being made through Business Connect.
