Healthtech, greentech and startup leaders speak out

Following Labour's landslide election victory, the new government has promised reforms across a range of sectors, with health tech, green tech, economic growth and productivity at the forefront of change.

TechInformed has previously covered exactly what was mentioned in the winning manifesto when it comes to technology: But can Keir Starmer’s government bring a wave of innovation and support to these key areas and position the UK as a global leader in technology and sustainability?

We gathered input from industry leaders to hear their thoughts.

Health Tech

Increased funding, supportive regulation and encouragement for healthtech start-ups will help keep the UK competitive and attractive, and encourage more investment and innovation in the sector, industry players say.

The biggest challenge facing the UK startup industry is the exodus of companies from the UK to the US, with 24% of UK healthtech SMEs preferring to launch in the US rather than the UK.

Silicon Valley's appeal is due in part to the U.S. financial system, provided through agencies such as DARPA and NASA, which has contributed greatly to its growth. But it's not just government funding that's needed: funding from investors.

Although the UK records the third highest amount of healthtech investment in the world, the US is seen as a much more attractive market for startups. This is due to funding as well as a more supportive regulatory environment, with 46% of healthtech companies withdrawing their products from the UK market due to regulatory uncertainty.

Healthtech in the UK today is comparable to fintech from over a decade ago, and regulations such as open banking and regulatory sandboxes have enabled the UK to become a global leader in fintech.

“This is an issue the government has yet to address, and with Labour calling for a more digital and interconnected NHS, we will need to look at regulation that encourages competition, cooperation and interoperability to boost the UK economy and create a more favourable environment for start-ups.”

Santosh Sahu, CEO and Founder, Charac

Santosh Tahu, CEO and Founder, Charac GreenTech

Across the sustainability sector, there is support for Labour’s commitment to decarbonise the electricity system by 2030, but a shared desire for urgent, comprehensive and sustained action across a range of sectors to achieve the net zero target whilst addressing economic and social needs.

Industry leaders will talk about the importance of a carbon accounting regulator, shared concerns about freeing up low-grade Green Belt land for development, developing a national affordable energy infrastructure, and innovative urban planning that integrates natural landscapes.

A Labour government needs to take clear, concrete steps to demonstrate that it recognises net zero as the greatest commercial opportunity of our time. There is a lot to do in a short space of time, so prioritising will be key. Crucially, the new government must resist the urge to end or change existing processes or sectors that were established by the previous Conservative government and that are working or promising.

But there are areas where a Labour government needs to make changes. Firstly, it must fulfil its manifesto promise to reverse harmful policies put in place by the previous government, such as restricting the Bank of England from taking climate change into account in its remit.

While the creation of Great British Energy has attracted attention, just as important are the improvements it will make to reduce bureaucracy and planning constraints around building green energy infrastructure such as offshore wind farms and electric vehicle charging terminals, and shorten waiting times for grid connections.

And then there's the data. If businesses are to create accurate, realistic net-zero plans, they need access to critical data, such as energy, water and waste usage. Currently, this type of data is often held by commercial landlords, who are under no obligation to share it with their tenants.

In the longer term, a Labour government should establish a carbon accounting regulator. Just as the Financial Conduct Authority (FCA) regulates the financial sector, to reach net zero by 2050 we need an overarching governing body for carbon accounting to ensure consistency, provide guidance and hold organisations to account.

Andrew Griffiths, Director of Policy and Corporate Development at Planet Mark

Economy and taxes

Labour is being urged to support the tech sector by promoting London as a global centre, stimulating regional tech growth and attracting international tech companies. Concerns include a possible increase in capital gains tax, but there is optimism over Labour's promises on tech investment and research and development.

On tax, there are calls for Labour to invest in the skills of HMRC to improve customer service and clarify anti-tax evasion rules to protect innocent taxpayers.

Technology is recognised as a pillar of the economy, so for Labour to deliver real change in this sector it must first reposition London as a global technology and fintech hub – encouraging foreign investment, addressing the local skills gap and ensuring London remains the tech innovation centre of Europe.

Secondly, we will look beyond London to support innovation happening across the country and enable these businesses to scale effectively. We will harness the technology sector to lead regional regeneration, particularly in the North. Manchester and Leeds have thriving technology company communities. Technology is essential to harnessing the potential of the North.

“Third, attracting international technology companies to the UK, whether for investment, product launches or general expansion. There is huge interest in the UK from fintech companies from Europe, the US, the Middle East, North Africa and Asia and we need to capitalise on this.”

Rhys Merrett, Head of Technology PR at PHA Group

All political parties have pledged to make the UK a tech powerhouse, but in recent years tech founders have faced serious challenges: a shaky economic environment has hampered M&A activity, and increasingly stringent immigration restrictions have made it nearly impossible to recruit top talent from overseas.

While concerns over a possible capital gains tax hike by a Labour government are worrying, we believe tech founders would welcome a new Labour government.

The government has made a strong commitment to investing heavily in clean and green technology, set clear policies on research and development, left corporate and personal taxes unchanged and pledged to secure solid trade deals in key services sectors.

Simon Wax, Partner, Technology & Media, Buzzacott

Proper investment is needed to solve HMRC's customer service crisis, and both major parties have missed the point in their manifestos. With calls to HMRC currently taking an average of 23 minutes to be answered, taxpayers deserve better.

There is still a great deal of uncertainty as to whether the digitalisation of tax will become a reality. The new government should make a clear statement on this point so that the tax industry and the self-employed can plan appropriately.

Andrew Snowdon, Chairman of UHY National Tax Group

Startups

Despite the UK being home to more “unicorn” start-ups than Germany, France and Sweden combined, scale-ups struggle to secure investment and many entrepreneurs move abroad once they reach a certain size, leading to calls for Labour to develop innovative funding solutions to retain and support fast-growing tech start-ups.

One of the biggest pain points for the ambitious and pioneering tech startups we work with is securing the investment they need to scale. Time and again, we see tech entrepreneurs grow their business to a certain scale, only to struggle to secure the investment they need for the next stage of growth. This often leads them to relocate their operations overseas to secure the future of their business.

In 2022, the UK will be the third country in the world to have a technology sector worth $1 trillion and have produced more billion-dollar unicorn tech startups than Germany, France and Sweden combined. Technology visionaries and entrepreneurs are vital to our country's future success, not only in terms of revenue but also to stay ahead in a rapidly evolving environment.

We call on Chancellor Keir Starmer and the new Labour government to find creative solutions to the funding challenges faced by fast-growing tech start-ups, ensuring their ambition, vision, expertise and wealth creation stays in the UK.

Rob Boley, CEO of Dootrix

Productivity

It has been suggested that investment in infrastructure and industrial strategy could boost economic growth and accelerate digital transformation by addressing business inefficiencies, boosting productivity and achieving economic goals.

The new government needs to place a more urgent focus on eliminating inefficiencies within UK businesses that are a burden on both the private and public sectors.

Rupal Karia, Country Leader, UK/Ireland, Celonis

Process intelligence makes this happen, providing organisations with a data-driven way to create positive impact at the top, bottom and green line.

Rapid growth will be hard to achieve, but it will enable businesses to become leaner, more agile and capture maximum value within their current processes – improving efficiency, boosting productivity and accelerating digital transformation, helping to deliver Labour’s economic goals.

Rupal Karia, Country Leader, UK/Ireland, Celonis

For more election tech coverage around the world, check out our dedicated election year hubs.

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