The U.K. government diverted grant funding for the program to the startup incubation arm of Barclays Bank.
According to Tech Nation, more than a third of all tech unicorns and decacorns created in the U.K. graduated from a Tech Nation program. Tech Nation graduates have also raised more than £28 billion in funding to date.
The government put the contract out to tender last year after raising concerns that Tech Nation was in breach of state aid rules after failing to become "self-sufficient," The Sunday TimesTech Nation says the DCMS grant accounted for roughly 62% of its funding in 2021/22. The remainder of its income came from sponsorship, commercial partnerships and other government contracts.
The Home Office has also been notified of the move and its visa program for foreign tech workers "will continue in the immediate term," Tech Nation said.The move has raised questions over the U.K.'s ambitions to rev up its digital leadership on the global stage following its exit from the European Union. Just days ago, Finance Minister Jeremy Hunt had talked up the U.K.
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