British Member of Parliament (MP) Lisa Cameron called for increased digital training in Web3, artificial intelligence and blockchain technology during Tuesday’s debate to boost the country’s “vital talent pool” and strengthen the UK crypto economy.
During the debate, Cameron argued that the UK must “level up” if it wants to be a superpower in emerging digital technologies.
“While the UK is well positioned to take advantage of the opportunities presented by the growth of the digital economy, significant preparation and investment in education, training and skills will be needed to take full advantage of these opportunities and ensure the UK has the necessary project talent to help it realize its goal of becoming a technological superpower,” Cameron said.
Citing the university’s 2018 Blockchain Research Initiative (UBRI) Ripple and University Circle, Cameron suggested that the UK should tighten its business and education partnerships if it wants to strengthen the digital economy.
“These new and emerging technologies have huge potential and could become a key driver of growth for the UK economyin the future,” she said.
Boom in UK crypto market
Current UK Prime Minister Rishi Sunak has long wanted to make the UK a cryptocurrency hub, and the Bank of England and the Financial Conduct Authority (FCA) have launched a consultation on draft guidelines for domestic digital securities (DSS).
Once launched, the DSS will allow emerging technology companies to test new products and services in a closed, regulated atmosphere. The UK’s crypto economy has boomed in recent years, with the country ranked third in the world in terms of raw digital asset transaction volume in 2023.
“We want to see the companies of tomorrow – and the jobs they will create – here in the UK, and with effective regulation we can give them the confidence they need to think and invest for the long term,” – Sunak said in 2022.
Rishi Sunak’s chances for re-election are at stake
Sunak’s plan focusing on digital assets, however, may be shelved if he fails to secure re-election later this year. Recent polls show that current support for Sunak is declining, with the prime minister’s disapproval rating at 69%.
In the UK, the prime minister usually decides when elections for office will be held. Given the high public disapproval of Sunak, in order to boost his popularity, he is likely to hold off on holding elections until the end of 2024.
With a change of government expected, Cameron’s drive to strengthen digital asset initiatives may be more critical than ever.
