In an exclusive interview on the UKTN Podcast, Technology Secretary Peter Kyle claimed the UK will be able to “overtake America” in many areas of tech after reforms to the regulatory system are implemented.
Kyle claimed the government was creating “the best regulatory environment in Europe”, in response to criticisms from the tech industry that burdensome regulatory processes were holding back growth and innovation.
According to the minister, once properly implemented, his reforms to regulation would allow the UK to be “highly competitive with America and in certain circumstances, we will overtake America.
Among the measures introduced by Kyle to streamline regulations is the launch of the Regulatory Innovation Office, which works across relevant agencies to expedite compliance processes in areas including fintech, AI and biotechnology.
Kyle also claimed the government would cut average compliance approval decisions down from an “EU average of two years or more down to a few months”.
“That’s not cutting any corners, but it is using the power of government to partner with founders, to get their innovations through as quickly as possible so that they can start benefiting the health and the wealth of the nation,” he said.
In his interview with UKTN’s Jane Wakefield, Kyle also discusses the value of pension capital to the startup ecosystem, his work with Big Tech to bring AI to the public sector and the millions of people the government is aiming to equip with AI and digital skills to establish a modern workforce.
The full episode on the UKTN Podcast is available to listen now.
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