Tech Wealth Agreement? It's merely 'leftovers from Silicon Valley's bounty'
The UK and the US have signed a significant Technology Prosperity Deal during Donald Trump's state visit, valued at $30 billion (£22bn) by Microsoft, one of the US companies involved. The agreement marks the start of a "next Golden Age of Innovation," according to ministers.
The deal includes commitments around research security, 6G telecommunications, cyber resilience, and the mobilization of private capital for critical technologies. Shared compute infrastructure, new data sets, and partnerships in biotechnology and healthcare are also part of the plans.
Nuclear cooperation will target advanced reactors and fuels with the aim of eliminating reliance on Russian supply by 2028. Joint AI research between major science agencies in both countries is also on the agenda. NASA and the UK Space Agency will work together on an 'AI for Space' initiative. Quantum collaboration will involve benchmarking initiatives, a joint code challenge, and an exchange program.
However, Sir Nick Clegg, a former Meta executive and ex-deputy Prime Minister, has criticized the deal as "sloppy seconds from Silicon Valley." He argues that the announcements largely reflect infrastructure projects already in motion by US firms. Clegg compares the US-UK tech deal to the UK holding on to Uncle Sam's coat-tails. He questions whether the UK is truly benefiting from the deal and warns that the country might be considered a "vassal state technologically."
Despite the criticisms, ministers claim this investment proves Britain's global appeal as a destination for innovation. The government presented the deal alongside headline announcements from US tech giants like Nvidia, OpenAI, and Microsoft.
It's important to note that a property investor is winding down four years after a £350m IPO, but this fact is not directly related to the Technology Prosperity Deal. Additionally, Next shares have slumped despite a leap in profits, which is also unrelated to the tech deal.
Clegg refers to the deal as "taking sloppy seconds from Silicon Valley" and describes the relationship as "all one-way traffic." He reveals that he advised former US ambassador Peter Mandelson to exercise caution over the partnerships.
The Technology Prosperity Deal is a significant step forward in the UK-US tech relationship, with the potential to drive innovation and economic growth. However, the debate around the deal's benefits and potential pitfalls continues.
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