- The U.K.’s semiconductor industry seeks financial support from the government, with insiders warning the country is losing its microchip firms to the U.S. and other countries.
- Cambridge-based Pragmatic Semiconductor, a producer of non-silicon chips, and Newport, Wales-based IQE threatened to relocate lest the government did not take timely action, CNBC reports.
- The semiconductor supply crisis, further aggravated by the pandemic, proved to be a nightmare for automakers and electronic gadget manufacturers.
- The supply chain crisis highlighted global dependence on Taiwan and China for semiconductor components.
- Interestingly, Britain is home to chip designer Softbank Group Corp SFTBF SFTBY Arm Ltd. Based in Cambridge, England, Arm-licensed chips serve roughly 95% of the world’s smartphones.
- In the U.S., President Joe Biden signed a $280 billion package that includes $52 billion of funding to boost domestic semiconductor manufacturing.
- The EU earmarked €43 billion ($45.9 billion) for Europe’s semiconductor industry.
- China eyed over 1 trillion yuan ($147 billion) package for its chip industry.
- A U.K. semiconductor strategy was likely to last year. But it has faced a series of delays due to political instability.
- Prime Minister Rishi Sunak’s government is yet to announce a strategy outlining U.K. efforts to support the chip industry.
- A government spokesperson told CNBC: “Our strategy will grow the sector further and make sure we have a resilient supply chain. The strategy will be published as soon as possible.”
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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