Gov't Support = Strong Bullish Catalyst @ IQE & it's SP?7 Feb 2023 12:43
LONDON — British Prime Minister Rishi Sunak is creating a standalone science, innovation and technology department as part of a wide-ranging shake up of U.K. government ministries.
Michelle Donelan, who previously headed up the Department for Digital, Culture, Media and Sport has been appointed secretary of state of the new science and tech-focused ministry. DCMS loses its digital brief to focus on culture, media and sport, with Lucy Frazer taking on responsibility for the slimmed down department.
Sunak, a former hedge fund manager, has close connections to the tech sector. His father-in-law Narayana Murthy was the founder of Indian IT services giant Infosys, and Sunak spent time in Silicon Valley while living in California.
The new digital department comes at a crucial time for British tech policy, with the government's flagship Online Safety Bill making its way through the U.K. parliament, and concerns mounting about delays to a long-awaited semiconductor strategy.
The new set-up is already being welcomed by some tech lobby groups. “The creation of the new Department of Science, Innovation & Technology is good for British tech start-ups," said Dom Hallas of trade body COADEC. "There’s always been the need for a real innovation voice in Whitehall and bringing together the research and funding from BEIS with the digital policymaking experience from DCMS makes real sense."