Reeves vows to stop UK tech from 'drifting abroad'

Reeves vows to stop UK tech from 'drifting abroad' 1 hour ago Share Save Faisal Islam , Economics editor and Mitchell Labiak , Business reporter Share Save Chancellor Rachel Reeves has told the BBC she wants to stop top British technology firms and scientists "drifting abroad" to make money. She said she wants "the pattern to end", adding that the government was investing £2.5bn in quantum computing and artificial intelligence . At a lecture to business leaders in London later on Tuesday, she will say this investment as well as closer ties with the EU and greater regional powers will help boost sluggish economic growth. The Conservatives said the government "wanted to row back on Brexit" and criticised it for "blaming anyone but themselves for their economic failures". Many tech firms that start in the UK end up moving their businesses overseas, often to the US. Some of the suggested reasons for this are poor investment from the UK government and pension funds; the perceived weakness of the London Stock Exchange ; and better tax breaks elsewhere. Speaking to the BBC at the National Quantum Computing Centre in Oxfordshire, Reeves said her UK growth plan showed the benefits of stability and a "strategic and active state". Quantum computing is considered much more powerful than regular computing because it can store many times more information, which is why some see it as the next big breakthrough in technology and key to economic growth. However, Reeves' growth plans could be challenged by the fallout of the US-Israel war with Iran. Experts fear inflation could jump and the economy could sink due to the oil price surge which has happened since the conflict began, with some urging the UK government to drill for more oil in the North Sea in response. Reeves said a decision on the controversial Rosebank and Jackdaw North Sea oil developments would come "soon". Asked if the schemes should now be fast-tracked because of rising fuel prices, she said "those are decisions to ...