Can the UK become the next Silicon Valley and take over the tech industry?

With the potential to become the world's leader export of Green Tech, the UK's tech industry has never been more fruitful and full of new opportunities. Trends and studies now hint at the possibility that the UK could become the next Silicon Valley and perhaps rebrand a whole new economic reputation.

However, technology experts remain sceptical and cautious as there is no solid strategy established by the government yet to give the sector the confidence boost it needs to expand in domestic and foreign outlooks.

The Global CEO of Infosys Consulting, Andrew Duncan, has commented on the potential birth of this new Silicon Valley in the UK. He pointed out the need for the government to address the STEM skills shortage and close the UK's long-term research funding gap while harnessing data to navigate the economic slowdown.

Although there is a genuine prospect for the UK to build such a technological empire, Duncan remained realistic by reminding the current economic realities.

He stated the following: "To become the next Silicon Valley, the UK needs to build a strategy which continually invests in technology and digital skills. But this ambition is challenging considering the current economic situation."

He also added the essential need for the UK to boost its already existing capacities and prospects and "harness the power of its data, which is being considered by many as 'the new oil'".

Perhaps there is a glimpse of hope in the UK, with the government expressing and acting on its support to boost the tech sector in the UK.

In a speech given last month in London facing an audience of tech representatives from Meta, Google or even Amazon, Chancellor Jeremy Hunt has expressed his vision to transform the UK's tech industry. He pointed out digital technology, green industries and life science as key growth sectors.

He also added that a lower tax system would be engaged to encourage to invest in UK's future sectors and development. Hunt said they would wish to create "the most competitive tax regime of any major country".

The entrance of the UK into the sustainable tech sector could be a revolution and mark an important economic debut.

The current economic slowdown is actually a great opportunity for businesses to re-evaluate risks and challenges in order to increase efficiency and make better use of data and disruptive technology.

Duncan finished by stating that firms have a large amount of data across their supply chains and the ones who will be able to track it down live via AI technology will be more resilient and stand out from the crowd. The Chancellor believes that "leveraging data in this way is crucial for the UK to remain a highly sophisticated innovation industry and drive economic growth in the future".

Thus the upcoming goal for the UK is to keep pushing towards innovations and new business development, especially in the tech industry. Taking advantage of the economic recession to embark on a new market and trigger a new business perspective.

However, the trust bond between the government and the workers needs to be repaired in order to enable a sustainable tech business partnership.