Stories

Tue, 17 Mar 2026

Tue, 17 Mar 2026 Reeves vows to stop UK tech from 'drifting abroad'

The Chancellor tells the BBC she wants the "pattern to end" while also pledging closer ties with the EU

* Chancellor Rachel Reeves wants to stop top British tech firms and scientists from "drifting abroad" to make money.
* She aims to achieve this through a £2.5bn investment in quantum computing and artificial intelligence (AI).
* The government will also seek closer ties with the EU and greater regional powers to boost sluggish economic growth.
* Reeves claims that stability, a "strategic and active state", and strategic investments can drive economic growth.
* However, her plans may be challenged by the fallout of the US-Israel war with Iran, which has led to a surge in oil prices.
* The Treasury is looking at options to help households most vulnerable to soaring energy bills.
* Reeves will argue that the UK should align with EU rules in areas such as chemicals and manufacturing where it is "in the national interest".
* She also claims that the UK will achieve the fastest AI adoption in the G7, thanks in part to its tech investment, and create 100,000 UK jobs through quantum computing.
* Critics argue that Reeves' growth plans are a sign of the government wanting to "row back on Brexit" rather than accept responsibility for their economic failures.