Brit tech industry body Techworks wants to see more support for the UK semiconductor sector in this week's Budget to help the country's chip companies better compete on the global stage.
Flight attendants trying to close the door 😅 #shorts
While the mainstream media endlessly speculates about tax cuts, Techworks is calling on the Chancellor of the Exchequer – the UK's Chancellor of the Exchequer – to address in tomorrow's annual budget the lack of investment that chip companies need to grow beyond the start-up phase in the UK.
Britain offers the lowest level of incentives to its semiconductor industry among the G7, the organization claims, effectively subsidizing foreign businesses to compete unfairly with UK chip companies.
The nation punches above its weight in research and innovation via universities and early startups. Yet there is a lack of funding to support late-stage growth of companies to scale up and become globally competitive, Techworks says, often leading to promising companies being snapped up by foreign investors, with technology and jobs being lost overseas.
