During her speech at the House of Commons, Chancellor Rachel Reeves said she would like to “go further in backing innovation and harnessing the power of AI so that entrepreneurs and innovators thrive.”
Halo founder Paul Hamilton said he was delighted by this news and highlighted the last ten years of growth in Suffolk’s tech sector, particularly in AI and website services.
Prominent businesses now include Inawisdom AI in Martlesham, Tilki in Mildenhall, X-on in Melton, Halo in Ipswich and innovation centres like Adastral Park and The EpiCentre.
Halo announced its move to the Willis Building in January. (Image: Shikhar Talwar)
Mr Hamilton also believes tech companies provide “brilliant opportunities for young people” and can “also bring down costs for other industries”.
His business recently moved into the Willis Building in Ipswich and has seen a 70% increase in revenues this financial year, with the company now worth around £1.5 billion.
It creates software for global clients like Microsoft and FTSE 100 companies and has also recently launched Halo AI, an Artificial Intelligence platform promising to “simplifiy IT service management”.
The Scottish-born entrepreneur said: “There is a growing tech ecosystem in Suffolk.
“Technology is the way the country will grow, and I am really happy the Government are talking about supporting entrepreneurs in this sector.
“So it’s really good direction to go in, and it’s vital for supporting young people. ”
Halo says it focuses on supporting young people create futures for themselves. (Image: Halo)
Mr Hamilton believes Halo has inspired a range of other tech businesses to launch in Suffolk, with further room for innovation.
He also noted that while other sectors like catering and hospitality are struggling, technology hubs can help to support them.
Mr Hamilton added: “I really want to encourage all businesses in to carry out spending reviews on tech and see how we can help.
“We really can reduce the technology costs for any of these organisations in other industries.
Paul Hamilton with Ipswich Town chairman Mark Ashton and ITFC commercial director Andy Wooldridge (Image: MatchDay Images Limited)
“Businesses should make sure they are getting the best possible return on investment and try to be innovative.
“I do understand that we are a bit of an outlier. So, hopefully we can help in that regard.”
The Office for Budget Responsibility (OBR) projects that inflation will fall from 3.4% in 2025 in the UK to 2.3% in 2026, and then again to 2% from 2027 onwards.
Meanwhile, the OBR has downgraded its forecast for economic growth for this year from 1.4% to 1.1%.