The Treasury has named five experts to join Sir Patrick Vallance in his review of EU regulation in high-growth sectors as part of Jeremy Hunt’s plan to “turn Britain into the world’s next Silicon Valley”.
In the November Autumn Statement the Chancellor said the Government by the end of 2023 “Decide and declareChanges to EU regulations related to five key industries: digital technology, green industries, life sciences financial services and advanced manufacturing.
Sir Patrick, the Government’s Chief Science Adviser and National Technology Adviser, will review existing laws and advise on regulatory reform to boost growth.
Tech entrepreneurs Priya Lakhani and Matt Clifford will work on digital technology. Lakhani is the founding CEO of Century Tech, an artificial intelligence company and a member of the government’s AI Council. Clifford heads the new Advanced Research and Innovation Agency, which aims to boost UK research and development.
Immunologist Sir John Bell will work with Camilla Fleetcroft, vice president of clinical and regulatory affairs at contract research firm Eclevar, to focus on driving growth in the life sciences sector.
Jane Toogood, co-chair of the government’s Hydrogen Advisory Group, will lead Green Industries.
Hunt said British companies should lead the world in turning exciting science into new products and services. “We need to make sure the government is doing everything we can to encourage innovation and competition.”
“We have already set out how we will support our strong financial services sector to unlock private investment in new industries, and we will show the same ambition in other high-growth sectors to ensure the Silicon Valleys of the future are in the UK.”
The sentiment was echoed by Business Secretary Grant Shabbs, who said economic growth and increased productivity would be key to improving living standards across the UK.
“Supported by this tough new team of advisers, Sir Patrick Vallance will lead the charge with industry to supercharge the development of some of the world’s most exciting emerging technologies, turning the UK’s natural strengths into pillars for long-term growth,” he said.
The government has already started work on deregulation of the financial sector. Earlier this month, it released what it called Edinburgh ReformsA package to repeal and replace EU laws on financial services and loosen some of the regulations put in place after the 2008 global financial crisis.