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While there has been much anxiety over the competitive position of the City this year – with Amsterdam overtaking London as Europe’s biggest centre for share trading and the value of the French stock market overtaking that of the UK – fresh data suggests the UK’s tech sector continues to enjoy a significant lead over its European counterparts.

Figures prepared by the data and intelligence platform Dealroom for the Digital Economy Council suggest that fast-growing UK tech companies raised £24bn this year – more than their counterparts in France and Germany combined.

It takes the total raised by UK tech companies during the last five years to £97bn.

The numbers are all the more striking because, for much of the year, capital has become harder to come by as interest rates have risen and investors around the world have become more sceptical about the tech sector.

Dealroom’s figures suggest that the UK’s tech industry now enjoys a value of $1trn – making it only the third country, after the United States and China, to achieve this milestone and confirming it as the leading European tech ecosystem.

Germany’s tech sector is now valued at $467.2bn while that of France is worth $307.5bn.

Not only is the UK’s tech sector attracting more venture capital than its European counterparts, according to the figures, it is also creating more value for investors.

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The figures suggest that, since the beginning of the century, the UK has created 144 ‘unicorns’ – start-ups that have gone on to achieve a valuation of more than $1bn – and 237 so-called ‘futurecorns’, companies which are valued at north of $250m and which are deemed to be on track to achieve unicorn status.

This is up from 116 unicorns and 204 futurecorns this time last year.

Paul Scully, the digital minister, said: “UK tech has remained resilient in the face of global challenges and we have ended the year as one of the world’s leading destinations for digital businesses.

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Paul Scully says the report’s figures underline the importance of government investment in the tech sphere

“This is good news and reflects our pro-innovation approach to tech regulation, continuing support for start-ups and ambition to boost people’s digital skills.”

The figures underline the UK’s growing attraction to international venture capital firms.

This year has seen some of the biggest US tech investors, including General Catalyst, Sequoia Capital and Lightspeed – all of which opened offices in the UK last year – bulk up their presence by taking on more staff.

They have been joined in the UK this year by New Enterprise Associates, the 45-year-old US venture capital firm that has backed the likes of TikTok owner ByteDance and by Earlybird, the Berlin-based venture capital firm.

UK-based funds have raised £9.2bn this year – just ahead of the £9bn they raised in 2021 – with which to back fast-growing companies and start-ups.

Chris Bischoff, managing director at General Catalyst, said: “We established a presence in London as we believed the UK is a stand-out ecosystem globally. Our experience over the last 18 months has enhanced our appreciation for this remarkable ecosystem, enabling us to find and support early stage companies that are working toward accelerating change in their industries.

“As importantly, our values of responsible innovation and radical collaboration are perfectly in tune with the UK’s approach to innovation.”

The Dealroom figures also suggest that tech innovation is being spread across the UK.

Cambridge University Library. Pic: Cambridge University Library
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The university city of Cambridge is among those home to at least two tech unicorns. Pic: Cambridge University Library

There are now eight cities – Bristol, Cambridge, Edinburgh, Leeds, London, Manchester, Nottingham and Oxford – which are home to two or more unicorns.

Some of these are seen as now challenging the dominance of leading US tech ecosystems in specific disciplines: Cambridge was recently named as the world’s third most important science hub behind only the Bay Area of San Francisco and Boston in Massachusetts. Oxford was fifth on the list.

The University of Cambridge also recently topped the global rankings for producing the highest number of successful tech founders, with more than 500 of its alumni having raised at least $10m in funding.

The universities of Oxford, Bristol, Nottingham and London all featured in the top 20 globally alongside leading US establishments such as Harvard and the Massachusetts Institute of Technology (MIT).

Amid a tight labour market, with more than three million people now working in UK tech, the sector is increasingly taking on people at entry level. The job search engine Adzuna reports that, in November, there were more than 15,000 entry-level tech roles – up from 6,596 in November last year.

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This has led to the emergence of a number of so-called ‘edtech’ start-ups dedicated to equipping people with skills, such as coding and cyber security, needed to build a successful career in tech. They include Multiverse, the UK’s first edtech unicorn, which was founded by Euan Blair, son of Sir Tony Blair, the former prime minister.

Some of these, such as Code First Girls, are specifically aimed at increasing the number of women working in the tech sector.

Anna Brailsford, the chief executive of Code First Girls, said: “From using AI to tackle healthcare inequality to designing and building space missions, every day there are incredible tech businesses being launched and scaled in the UK.

“Yet too few women have the opportunity to work for these impactful start-ups because they have not previously been given the encouragement to look at a career in tech or learn key skills.

“We’re aiming to train 26,000 women in the UK over the next five years and place them in tech roles so they can use their knowledge and expertise to change this industry for the better.”

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Tulip Siddiq: Labour MP accuses Bangladesh’s leader of ‘orchestrated campaign’ to damage her reputation

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Tulip Siddiq: Labour MP accuses Bangladesh's leader of 'orchestrated campaign' to damage her reputation

Former minister Tulip Siddiq has accused the leader of Bangladesh of conducting an “orchestrated campaign” to damage her reputation and “interfere with UK politics”, according to a new legal letter seen by Sky News.

The Labour MP also said comments made by Professor Muhammad Yunus in a Sky News interview have prejudiced her right to a fair investigation, meaning the ongoing corruption inquiries into her should be dropped.

In March, the chief adviser – who is effectively the country’s interim leader – told Sky News that Ms Siddiq “has so many (sic) wealth left behind here” and “should be made responsible”.

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Bangladesh’s Anti-Corruption Commission (ACC) has opened several investigations into Ms Siddiq alleging corruption in connection with the government of her aunt Sheikh Hasina, who was ousted as the country’s prime minister last year.

In the new correspondence sent today to Professor Yunus and the ACC, lawyers for the former minister write: “The time has now come for the chief adviser and the ACC to abandon their wholly misconceived and unlawful campaign to smear Ms Siddiq’s reputation and interfere with her public service.”

Sky News has approached the chief adviser and the ACC for comment.

The Bangladeshi authorities have previously said they have evidence to back up their claims of corruption and will pursue action through the country’s courts.

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The Tulip Siddiq accusations explained

Speaking to Sky News on Monday, Ms Siddiq said: “I will not be allowing them to drag me into their world of dirty politics and nothing is going to stop me from pursuing the job that I was elected to do with an overwhelming majority, which is representing the people of Hampstead and Highgate.

“So they need to stop this political vendetta, this smear campaign, and this malicious persecution right from the beginning.”

The MP had requested a meeting with the Bangladeshi leader during an official visit to the UK earlier this month to “clear up” any misunderstandings.

But this was turned down by the chief adviser, who said he did not want to “interrupt a legal procedure”.

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In the new legal letter, lawyers for Ms Siddiq say the interim leader had already unfairly influenced the inquiries through previous comments.

“The copious briefings to the media, the failure to respond to our letters, the failure to even ask to meet with and question Ms Siddiq during their recent visit to the United Kingdom are impossible to justify and completely inconsistent with a fair, lawful and serious investigation,” reads the letter.

The correspondence also sets a deadline of 30 June 2025 for the Bangladeshi authorities to reply by, stating that “in the absence of a full and proper response… Ms Siddiq will consider this matter closed”.

A former Nobel Prize winning economist, Professor Muhammad Yunus became interim leader of Bangladesh last August after weeks of deadly protests forced Sheikh Hasina from power.

He has pledged to root out corruption and recover alleged stolen wealth before holding votes to elect a permanent administration.

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Tulip Siddiq questioned over Bangladesh corruption

Last month, Professor Yunus banned the Awami League – the political party still led by Sheikh Hasina – from standing in the coming elections.

That led to criticism from those still loyal to the former prime minister, with protests also sparking in the country over jobs, pay and planned reforms.

Earlier this year, it was revealed that Tulip Siddiq had lived in several London properties that had links back to the Awami League.

She referred herself to the prime minister’s standards adviser Sir Laurie Magnus who said he had “not identified evidence of improprieties” but added it was “regrettable” Ms Siddiq had not been more alert to the “potential reputational risks” of the ties to her aunt.

Ms Siddiq said continuing in her role would be “a distraction” for the government but insisted she had done nothing wrong.

Sheikh Hasina is currently standing trial in absentia in Dhaka over alleged killings during last summer’s civil unrest.

Asked by Sky News if she had any regrets about links to the Awami league, Ms Siddiq said: “The main thing I would say to you, I’m very proud to be the MP for Hampstead and Highgate. I was born in London, I grew up in London. I went to school here and now I’m an MP here.”

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Sheikh Hasina pictured in 2023.
Pic: AP/ Yomiuri Shimbun
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Sheikh Hasina pictured in 2023. Pic: AP/Yomiuri Shimbun

In March, Sky News revealed that UK investigators could assist with probes into alleged grand corruption during Hasina’s time in power.

Staff from the National Crime Agency visited Bangladesh in October and November as part of initial work to support the interim government in the country.

Last month, the NCA confirmed it had secured a “freezing order” against a property in north London linked to Ms Siddiq’s family.

She denies all the allegations – and sources close to the MP say the authorities have been sending correspondence to an address in Dhaka that has no connection with her.

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National investigation into NHS maternity services launched after families ‘gaslit’

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National investigation into NHS maternity services launched after families 'gaslit'

A “rapid” national investigation into NHS maternity services has been launched by the government.

The announcement comes after Health Secretary Wes Streeting met families who have lost babies and amid the ongoing investigations at some NHS trusts into maternity care failings.

The investigation in England is intended to provide truth to families suffering harm, as well as driving urgent improvements to care and safety, as part of efforts to ensure “no parent or baby is ever let down again”.

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The Royal College of Midwives (RCM) welcomed the government’s announcement and said maternity services were “at, or even beyond, breaking point”.

Last week, the NHS regulator said maternity and neonatal services at two Leeds hospitals had been rated inadequate over safety issues.

Mr Streeting, who was speaking at the Royal College of Obstetricians and Gynaecologists (RCOG) conference in London, apologised on behalf of the NHS for what families had been through and said it was “clear something is going wrong”.

He added: “For the past year, I have been meeting bereaved families from across the country who have lost babies or suffered serious harm during what should have been the most joyful time in their lives.

“What they have experienced is devastating – deeply painful stories of trauma, loss, and a lack of basic compassion – caused by failures in NHS maternity care that should never have happened.

“Their bravery in speaking out has made it clear: we must act – and we must act now.”

Mr Streeting said families have had to “fight for truth and justice” and had described being “ignored, gaslit, lied to, manipulated and damaged further by the inability for a trust to simply be honest with them that something has gone wrong”.

The investigation will consist of two parts.

Health Secretary Wes Streeting speaking during the RCOG World Congress 2025.
Pic: PA
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Wes Streeting speaking during the RCOG conference. Pic: PA

The first will investigate up to 10 of the most concerning maternity and neonatal units, including Sussex, in the coming weeks to give affected families answers as quickly as possible, according to the Department of Health.

The second will be a “system-wide” look at maternity and neonatal care, uniting lessons from past inquiries to create one clear set of actions designed to improve NHS care.

A National Maternity and Neonatal Taskforce will be chaired by Mr Streeting and made up of experts and bereaved families.

The investigation will begin this summer and report back by December.

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Sir Jim Mackey, chief executive of NHS England, said: “This rapid national investigation must mark a line in the sand for maternity care – setting out one set of clear actions for NHS leaders to ensure high quality care for all.”

Dr Ranee Thakar, president of the RCOG, said: “The maternity workforce is on its knees, with many now leaving the profession.”

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RCM chief executive Gill Walton said: “Everyone involved in maternity services – the midwifery community, obstetricians, anaesthetists, sonographers and, of course, the women and families in their care – knows that maternity services are at, or even beyond, breaking point.

“This renewed focus and commitment by the health secretary to deliver change is welcome, and we will do everything we can to support him in doing so.”

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Annabel Rook death: Man charged with murder of woman found stabbed after gas explosion

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Annabel Rook death: Man charged with murder of woman found stabbed after gas explosion

A man has been charged with the murder of a 46-year-old woman found stabbed following a gas explosion at a house in London.

Clifton George, 44, will appear at Thames Magistrates’ Court on Monday.

He has also been charged with arson with intent to endanger life, the Metropolitan Police said.

Charity worker Annabel Rook was found fatally injured at a property in Dumont Road, Stoke Newington, northeast London, just before 5am on Tuesday.

In a statement following her death, Ms Rook’s family said they were “struggling to come to terms with this terrible tragedy”.

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“We have lost our beautiful daughter, sister, friend and mother. Annabel was a truly wonderful woman,” the tribute read.

“She touched the hearts of so many.

“She gave her life to helping the vulnerable and the disadvantaged whether it was in refugee camps in Africa or setting up MamaSuze in London, to enhance the lives of survivors of forced displacement and gender-based violence.”

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