The Lord Mayor of London, Alastair King, will tonight (3 September) deliver a speech at the Innovation and Technology Dinner at The Mansion House, warning that the UK risks becoming an “incubator economy” unless it boosts its global competitiveness and supports high-growth firms. He will call for urgent action to ensure that British startups not only launch in the UK but also scale and stay here, rather than relocating abroad in search of investment.
The Lord Mayor will speak alongside the Rt Hon Peter Kyle, MP, Secretary of State for Science, Innovation and Technology, and Dame Anne Glover, DBE, Chief Executive & Co-Founder of Amadeus Capital Partners.
Addressing an audience of senior political figures and tech industry leaders, the Lord Mayor will say that the UK must adopt emerging technologies and mobilise long-term capital to remain a global innovation leader. He will highlight initiatives led by the Corporation, including the Scale Up Showcases and the Mansion House Accord, as key efforts to connect high-growth firms with investors and unlock economic value.
Extracts from Lord Mayor of London, Alastair King, speech below (please check against delivery):
On backing the UK’s AI leadership, he will say:
“In 2024 alone, UK tech firms raised over £20 billion in funding. And today, the UK is home to more than 160 unicorns.
“The UK’s AI sector is the third largest in the world – behind only the US and China – and the largest in Europe. In this global technological arms race, we need to put our financial firepower behind that technology. This is precisely what we have been doing through the Scale Up Showcases held here at Mansion House.”
On mobilising long-term investment, he will say:
“Through the Mansion House Compact and Accord, we are making sure that some of the huge sums in the hands of British pension funds are being invested in the technological future of our country. Otherwise, we are in danger of becoming an incubator economy – a place where start-ups develop transformative products and services before selling up or moving abroad to where the investment is – where other countries end up reaping the fruits of our success.
“We need those firms which start here to stay here and to scale here.”
On global competition in tech, he will say:
“Secretary of State – as you have made clear in your support for the United Kingdom’s AI sector – we cannot simply leave it to the United States and China and become consumers of other people’s innovation. Nor should innovation born in this country be forced overseas.
“It is vital for our prosperity, our security and our very viability for the United Kingdom – as Europe’s leading tech power – to stay at the forefront. That means financing our tech startup companies, investing in our workforce, and bringing down every barrier to innovation – so that technology can unleash growth across the United Kingdom for decades to come.”
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