Two disputatious tribes are currently arguing about the outlook for UK tech: call them the Fullies and the Empties, depending on whether they view a glass as half-full or half-empty.

Fullies see massive potential for Britain as home to three of the top 10 global universities, the world’s third most developed start-up ecosystem after the US and China, and the biggest pool of venture capital in Europe (there are now more VC firms in London than Pret A Manger sandwich shops). A new generation of highly ambitious start-ups, ranging from the fintech pioneer Revolut, to the autonomous driving software company Wayve, to the biotech spinout from Google DeepMind, Isomorphic Labs, are primed to burst on to the global stage.

Empties, however, highlight the recent slowdown in start-up investment and the widening chasm between the UK and AI-infused Silicon Valley. The latest data from Dealroom found that British start-ups raised just ￡16.2bn in 2024, the lowest total since 2020. By contrast, investment in Silicon Valley start-ups surged by 71 per cent to ￡65bn last year. Little wonder that so many British start-ups look to move to — and list in — the US rather than stay at home.