Tech leaders in the UK urge prioritizing AI skills and growth in the high-stakes election, regardless of the outcome.

• On July 4, Brits will vote, and tech executives urge the political parties to prioritize economic growth, a favorable regulatory climate, and a long-term strategy to maintain the U.K.'s global prominence.
• It is predicted that the upcoming government will prioritize the needs of high-growth tech companies.
• Government and top tech executives should prioritize developing skills that empower us to effectively use large language models and other advanced AI tools, rather than allowing these tools to control us.

The next government should prioritize promoting AI skills and implementing growth-oriented fiscal measures, according to British technology executives and entrepreneurs in London.

Brits are set to head to the polls on July 4.

The business community is urging the two major political parties to prioritize economic growth, a favorable regulatory climate for technological advancements, and a comprehensive strategy to maintain the U.K.'s global standing.

The next government, regardless of whether it's led by Rishi Sunak or Keir Starmer, is expected to prioritize the interests of high-growth tech businesses.

Upskilling in an AI age

U.K. tech executives are advocating for promoting innovation in artificial intelligence and teaching AI-related skills to citizens of all ages.

Government and top tech executives should prioritize developing skills that empower us to effectively use large language models and other advanced AI tools, rather than allowing these tools to control us.

The theme of promoting growth and prosperity with new technologies like AI was a key focus at the World Tour London tech conference, where the U.S. enterprise software giant hosted several major customers and partners.

The U.K. boss of Salesforce revealed her expectations for the next administration during a press conference on the sidelines, away from the mascots and the raccoon character guiding users around the customer relationship management tools.

Zahra Bahrololoumi, Salesforce's U.K. and Ireland CEO, stated that with any government, she will be specific and emphasize the need for one in 10 of us to feel equipped with AI. She added that innovation is rapidly moving towards autonomous AI and that it is crucial for the country to have the necessary skills to adopt and use it responsibly, with proper controls and protocols.

""If I had to prioritize one thing, it would be digital skills," she said, adding that most major parties recognize the importance of this skill set in government."

Cisco's senior director of government and corporate affairs for U.K. and Europe, Matthew Houlihan, advised the next government to prioritize making the country a leading innovator in emerging technologies such as AI and quantum computing.

To ensure that the benefits of digital technologies are felt by as many people across the country as possible, it is crucial to review approaches to essential aspects of the U.K.'s digitising economy, including digital skills, tech adoption support, and approaches to security.

Political leanings

A growing number of technology executives are making their political affiliations publicly known, while many others remain coy about their choice for the July 4 vote.

"As leaders and investors in British business, we believe it is time for a change and have signed an open letter supporting Labour in the upcoming election," dozens of business executives, entrepreneurs, and investors stated last month.

Several notable figures in the U.K. tech industry, including Wikipedia founder Jimmy Wales, Founders Forum co-founder Jonathan Goodwin, and Atom Bank CEO Mark Mullen, signed the document.

The U.K. economy has been stagnant for a decade due to the absence of political stability and a coherent economic strategy, as stated in the letter's writers.

The UK's Chancellor, Sunak, stated that it will take time for the public to truly experience economic growth.

Earlier this year, data revealed that the U.K.'s GDP increased by 0.6% from January to March, following a decline into a mild recession in the latter half of 2023.

An end to uncertainty

The U.K. has faced significant challenges in the past four years, including the Covid-19 pandemic and its impact on global supply chains, as well as the rising cost of living for both consumers and businesses.

What British tech bosses are looking for now is stability and certainty, in light of the disastrous "mini budget" in September 2022 under Liz Truss.

Rishi Khosla, CEO of British digital bank OakNorth, stated to CNBC that both parties have converged on the importance of businesses for the country's growth, emphasizing the significance of business, fintech, and entrepreneurship.

Khosla stated that the strong desire is for the party in power to remain committed to staying the course on the narrative and their actions, including immigration and tax policies, and to avoid creating environments that contradict those goals for populist measures.

Big on statements, short on detail

The lack of clarity from the major political parties on how they will support business growth, particularly the entrepreneurial community and high-growth technology industry, remains a source of frustration for U.K. tech leaders.

The tech industry leaders interviewed by CNBC were unable to identify specific policies or plans from either major political party.

Jeremy Hunt, the British Finance Minister, recently announced new tax incentives and investment opportunities to position the U.K. as a global leader in high-growth sectors.

If the Conservatives are re-elected, Hunt stated in an interview with The Telegraph that he will prioritize introducing new tax cuts, specifically focusing on business taxes that stimulate investment and growth. Despite this, he has not disclosed any additional details regarding his plans.

Previously, Labour pledged to limit the corporate tax rate to 25% and preserve specific tax exemptions, including those for full expense deduction and R&D.

If elected, Labour will release a plan for business taxation.

— CNBC's Jenni Reid contributed to this report