Yesterday, Liz Truss resigned as UK Prime Minister after just 45 years in office, creating even more uncertainty for business.
From day one, Truss had a tech inbox containing a long list of issues, including the online security bill, crypto regulation, and a UK semiconductor strategy.
These issues have not gone away and will now be further delayed as the Conservative Party elects its third leader in as many months.
“Hopefully the Prime Minister’s resignation will bring stability to the UK economy and financial markets; it is vital that the new prime minister moves quickly to articulate a vision for the UK, incorporating a focus on supporting business and a thriving UK tech sector. said Russ Shaw CBE, Founder, Tech London Advocates and Global Tech Advocates.
“There is an urgent need for the next leader and his government to address the immediate challenges to support the growth of the UK technology sector; These include a plan to build a diverse digitally equipped workforce, the introduction of a UK Semiconductor Strategy, clarity around the Online Safety Bill and an environment that supports UK technology investment.”
Adnan Chowdhury, UK policy lead at fintech company Wise, said Verdict: “This political disruption has put progress on key legislation on hold. While there are many things in financial services that could have been advanced, which would have significantly helped consumers during a time of economic crisis, none was more urgent than the Safe Online Act.”
Tech investors also crave stability, something that was lacking during Truss’ tenure due to his disastrous mini-budget.
“We share our industry’s apathy towards Westminster’s ability to create positive change,” said a spokesman for Manchester-based VC Praetura Ventures. “The business class of ’22 will have experienced some of the most difficult economic conditions we have ever seen.
“What’s inspiring is seeing so many of them just ‘get on with it’ and follow their passion. This government needs a shakeup, because arguably it couldn’t get much worse.”
‘Branchings’ for crypto
The lack of clear direction from the government has ramifications for specific tech industries. Alan Vey, president and founder of enterprise blockchain company Aventus, expressed concern about the company sector.
“The prime minister’s resignation will no doubt have ramifications for the tech industry, particularly within the crypto space. The lack of action, vision and support provided to the digital asset industry by Liz Truss and her cabinet during her short time in office was certainly cause for concern.”
It was only in April that former chancellor Rishi Sunak, now one of the favorites to become prime minister, revealed plans to make the UK the “global hub for crypto assets”.
Vey added that the most pressing issue remains regulatory procedures to protect consumers around cryptocurrencies, but he is hopeful that the successor will work on this.
“Adequate financing” is needed in healthcare
Dr. Melinda Rees, Psyomics business director, said Downing Street is not doing enough to address the growing backlog in mental health.
“Whoever succeeds Liz Truss must ensure that adequate funding is put into this crucial area to prevent an even bigger mental health crisis.”
The current political situation not only affects Psyomics, but also the financial and investor markets as a whole, Rees explained, making them “unsure and anxious.”
“This doesn’t feel like a market where you can make bold decisions, but when it comes to mental health, you have to make bold decisions.”
Dr. Kit Latham, co-founder and CEO of Credentially, echoed Rees’s thoughts that little had been achieved in Liz Truss’ tenure before her resignation.
“As co-founder of a technology company that supports healthcare organizations and staffing providers, every day I see how unresolved flaws in NHS systems make it harder than ever for hospitals, ambulance services and General practitioners hire and retain staff.