News Summary

• The House of Lords Science and Technology Committee has released its second report into the UK’s failure to retain and scale science and technology firms.
• The committee has urged the government to “roll out the red carpet” for talented scientists and entrepreneurs who want to come to the UK.
• The report warns that the UK has seen a procession of promising science and tech companies moving overseas rather than scaling here.
• It sets out overarching targets for the UK to become the third-best place in the world to scale up a technology business, and to achieve the first trillion-dollar tech company in the UK by 2035.