Innovation is key to growing economy says Prime Minister

Prime Minister Rishi Sunak has highlighted innovation in the technology sector as a key part of growing the UK economy in a speech setting out his key plans for the UK in 2023. 

After listing growing the economy as one of his five key areas of focus over the coming year, Prime Minister Sunak detailed the importance of sectors such as AI and fintech.

He said: ‘The world is seeing an incredible wave of scientific and technological change so right now the most powerful way to achieve higher growth is to make sure the UK is the most innovative economy in the world. 

‘That’s why we’re increasing public funding in R&D to £20 billion to enhance our world leading strengths in AI, life sciences, quantum, fintech and green technology.’ 

The PM spoke about the importance of innovation, saying it needs to be ‘at the heart of everything we do’ and doesn’t just mean building new gadgets but creating jobs and reducing the cost of goods and services 

In a speech that also touched on NHS waiting times, inflation, national debt and migration, the leader of the Conservative Party, who was elected after a vote amongst Tory MPs, said he wanted to be held to account by the public on his promises as ‘they are your government’s priorities and we will either have achieved them or not.’ 

It’s not the first time that Mr Sunak has highlighted the artificial intelligence sector as an important part of the UK’s future as he told a conference in November that the government would look to attract 100 of the world’s top AI talent to the country in a speech that similarly focussed on innovation. 

Other measures Mr Sunak referenced in his speech to the media yesterday (January 4) to encourage growth in the economy and tech sector included taking advantage of the post-Brexit ‘opportunities’ to create a regulatory system that is ‘agile and pro-innovation.’ 

He said change would only come by ‘spreading a culture of creative thinking and doing things differently across every part of the UK.’ 

You can view the Prime Minister’s full speech here.

Photo: Lauren Hurley / No 10 Downing Street (CC BY-NC-ND 2.0)