Signal Sector Plan ambition: first trillion-dollar UK tech firm by 2035

Summary

The government's new Industrial Strategy and Digital and Technologies Sector Plan lay out a vision for the UK to have a world-leading and competitive technology sector. They include an ambition to secure the first UK technology business valued at a trillion dollars by 2035. The report presents the plan as one mitigation against the dominance of a few global technology firms and the resulting concentration of risk. Dominance is already marked, with two companies holding 70 to 90 per cent of the UK cloud market, fuelling concerns about competition. The report argues that stronger competition in digital markets would encourage innovation and growth and give smaller businesses more room to enter and thrive.