Budget: Chancellor urged to back 3D printing, cybersecurity and FinTech
Technology experts from Intel Security and Proto Labs call on George Osborne to accelerate the UK digital economy through investment in cybersecurity, big data technologies and 3D printing
UK Chancellor George Osborne is facing calls a full scale investment in digital manufacturing, science and technology in tomorrow’s budget. Despite challenges to the economy, the Chancellor is expected to announce sweeteners for businesses and taxpayers, whilst proposing further cuts to public services.
“Ideally, we want to see a budget that provides clear support for the British manufacturing industry and its increasing role in high-tech design and development,” says Damian Hennessey, director, Proto Labs.
“The rise of 3D printing and big data technologies will transform the way businesses manage logistics and production over the next decade and the Chancellor will ideally send a signal that he recognises this. We’d like to hear support for research and development, apprenticeships and training if we want to build a great British manufacturing powerhouse that’s fit for the future.”
Tim Focas, director of financial services for Colloquium, said: "When it comes to making the City 'the global centre for fintech', it would be good to finally see some policy detail behind the sound bites. Osborne needs to produce measures that speak to the entire FinTech space. This boom is not just about the flashy mobile transactions and digital currencies - some great ideas are fizzing away in the RegTech space that will truly transform middle and back office banking operations.
"From specific tax breaks to releasing the burden of regulation, it would be good to see Osborne take bold steps to liberalise fintech firms across the City. One of the main challenges facing the sector is having to adjust to similar regulatory requirements as the major banks. These firms simply don't have the capital or man power to come with the deluge of regulation coming down the track," added Focus.
Gordon Morrison, Director of Government Relations at Intel Security says: "Accelerating digital transformation in the public sector is vital to deliver faster, more cost effective services. From paperless healthcare to smart cities, building a more connected government should continue to be a top priority.
"But the race for digital excellence should not overlook the very real challenges around cyber security and data privacy by a more connected world. To counter this, the government must adopt a secure-by-default strategy to ensure that data and infrastructure is protected from the outset.
"It's an exciting time for the public sector, with technology paving the way for ground breaking new digital services. But these services must be completely secure by design to protect the public from cyber threats."
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