Tech turmoil threatens investment drive in UK

Three sudden exits from the top of science and investment have raised fresh questions about Britain's abilities to attract talent and capital

- report Patricia Clarke and Barney Macintyre

Keir Starmer isn't the only one changing the guard. In the past week, the UK's tech and business landscape has been hit by a string of high-profile resignations from institutions all created to parade Britain's scientific prowess on the world stage.

On Tuesday, a page quietly appeared on the website of Ellison Institute of Technology (EIT), a group of mainly for-profit companies based in Oxford funded by the US billionaire Larry Ellison, announcing the resignation of its president, Sir John Bell - an eminent scientist known for his role as broker between business and government during the Covid-19 vaccine rollout.

Shortly afterwards, it emerged that Jean Innes, the chief executive of the Alan Turing Institute, a world leader in AI research, was stepping down after months of staff revolt.

On Friday, the government announced that Baroness Poppy Gustafsson, the former CEO of cyber defence company Darktrace, would be leaving her post as head of the newly created Office for Investment dubbed a “concierge service” for foreign investment - after less than a year into the role.

She will be replaced by Jason Stockwood, the former Grimsby Town FC chair who has held executive or director roles at Simply Business, Skyscanner and Match.com.

All three departures come as the government seeks to advertise the UK’s strengths in AI, life sciences and deep tech as a remedy for lacklustre growth. Last week former tech secretary (now business secretary) Peter Kyle delivered a speech extolling the UK’s “entrepreneurial zeal”, its roadmap for AI and deep pools of scientific talent.

A source close to the matter said Prof Bell had begun to find it “difficult” working for Oracle founder Ellison, who is the world’s second richest man, according to the Bloomberg Billionaire’s Index.