UK Government Considers A “Digital Strategy” Plan

UK Government Considers A “Digital Strategy” Plan

The UK government works to push its digital strategy plan that refers to key technologies like Blockchain and smart contracts, according to a policy p

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The UK government works to push its digital strategy plan that refers to key technologies like Blockchain and smart contracts, according to a policy paper.

“To create the right conditions for growth, we will work with independent regulators to encourage innovation-friendly regulation that creates a positive context for the adoption of new technologies as well as giving them democratic legitimacy and a world-leading framework in which to operate, from drones to data.”, sated the policy paper named “UK Digital Strategy 2017” available at https://www.gov.uk/government/publications/uk-digital-strategy/uk-digital-strategy#contents

The paper said that Blockchain would be applied to three market sectors: marketing, health and care and creative industries. Nevertheless, it didn`t explain how it would happen, as cryptocoinnews.com wrote.

As the paper explained, digital sectors contributed £118 billion to the economy in 2015. In addition, Tech City UK estimates that the digital sectors are creating job opportunities with 2.8 times faster rate than other industries, according to the policy paper.

Also, the publication wrote that the UK is home to growing digital clusters like Reading and Bracknell, Bristol and Bath, Manchester and Birmingham, as well as emerging ones like Southampton, Cornwall and Dundee.

“Our ambition is for the sector to continue growing so that by 2025 its contribution to the economy rises to £200 billion.”, said the paper.

“Digital sector companies employ around 80,000 people from other European Union countries, out of the total 1.4 million people working in our digital sectors. The government has been clear that it wants to continue to attract the brightest and best to study and work in Britain after we leave the EU.”, added the paper.

Still, the time period after Brexit has been associated with the UK`s financial technology funding fall to 33.7 percent while China and the US have been said to dominate the sector, stated a report by Innovate Finance and Pitchbook.

While Brexit has created uncertainty, Britain remains an attractive location for start-ups to establish themselves.

The UK has signed several international agreements to maintain its financial technology position. Some of them include Japan, Canada, New Zealand and Australia.

It remains to be seen how the UK`s financial technology sector will be affected by Brexit.

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