Chancellor Philip Hammond praises work of 4IR APPG at Summer Reception
The All-Party Parliamentary Group on the Fourth Industrial Revolution and our sponsors hosted the APPG’s annual summer reception on the House of Commons Terrace Pavilion in July 2018.
Writing in The Times Red Box ahead of the event, APPG Chair Alan Mak MP called on the Government to make Britain the best place in the world to start a tech firm:
Our message is clear. With the right leadership and investment, from both parliament and the private sector, we can unlock latent productivity in our economy and empower entrepreneurs by giving them the tools they need to improve the lives of individuals and communities whilst building world-leading businesses.
The Chancellor of the Exchequer, The Rt Hon Philip Hammond MP, speaking at the APPG’s reception for the second year in a row, responded to Alan’s call for action:
Raising productivity is the key to higher living standards and higher real wages and I’ve always been very clear with my colleagues about this one important metric: the way to a contented and satisfied population is continuously rising real wages coupled with job security…
The tech revolution enables Britain, now, to leap ahead in the productivity stakes. We’ve been behind many of our peers for a number of years, but we are in a very advantageous position in relation to the technologies of the 4th industrial revolution. I’ve said it before and I’m going to say it again: I genuinely believe that this is the first time in my lifetime that we’ve gone into a period of intensive technology change with the UK being in the lead in many of the key industrial areas; not just producing, through discovery and invention in our research institutes and our brilliant universities, the new technologies but this time actually seeing them developed and exploited here in the UK.
We have got the world’s leading financial centre, a global tech hub, the world’s legal and regulatory jurisdiction of choice, world-class centres of academic excellence and talent and innovation, and I think some of that is demonstrated here today. But that won’t be enough to keep us at the cutting edge – future success isn’t ours by right and the government understands that we need to support what’s going on across the tech sector, in order to ensure that the UK remains in the forefront of this technological revolution and British businesses and British workers benefit from its application…
And that’s why the APPG is so important, as a conduit between industry, and government and parliament, making sure that not just in government, but in the opposition parties, across the backbenches, there is a wide understanding of the needs of entrepreneurs.
You can find a full transcript of the Chancellor’s remarks, and those of APPG Chair Alan Mak MP, by clicking here.
The APPG also hosted a number of companies at this reception exhibiting products and services aimed at harnessing technology to improve individual wellbeing:
Babylon are a digital health business using AI diagnostics and mobile apps to improve access to high-quality healthcare information, including personalised health assessments, treatment advice and face-to-face appointments with doctors.
Mother Group make high-tech vending machines that are specially designed to give fresh and healthy meals on the go.
A ground-breaking firm that makes Virtual Reality headsets for training surgeons, which is revolutionising medical training.
A British company use digital technology to help bridge the communication gap with deaf people, and help the deaf community get into work.
Exhibiting their Connected Money app that enables customers to manage their money better, even if they are with other providers. The app is designed to improve individual financial wellbeing.
Writing about these companies in The Times, Alan Mak MP said:
As we push the frontiers of technological possibility, a focus on the individual benefits of innovation will be key to sustaining public trust in tech. Breakthroughs in fields such as artificial intelligence, data analytics, personalised medicines and driverless cars are set to transform society, and the public must have confidence that such changes will improve their lives, both at work and at home.
For generations, science and technology have been the tools with which talented entrepreneurs and business leaders developed more efficient business models and delivered new products and services. Innovation improved individual wellbeing and boosted balance sheets.