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<p>The government is backing British business to drive long-term economic growth by
tackling barriers to investment, cutting taxes and rewarding work, and by supporting
the priority growth sectors, including digital technology, which are helping to turn
the UK into the world’s next Silicon Valley. The UK has Europe’s leading tech ecosystem,
valued at over $1trillion, and the government is acting to create the best environment
for our most innovative tech companies to start, scale and stay in the UK. This includes
making over £3.5 billion of public investment in the AI ecosystem since 2014, extending
the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust
scheme to 6 April 2035, making changes to simplify and improve R&D tax reliefs,
extending the British Business Bank’s Future Fund: Breakthrough investment programme,
and implementing the measures the Chancellor announced at last year’s Mansion House
speech to reform the pensions market to unlock investment into high growth sectors
and generate increased returns for savers.</p>
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