Britain's failure to develop a national strategy for microchips is an "act of self-harm", MPs have warned.

(Reuters diagram)

[Financial Channel/Comprehensive Report] Faced with the active development of semiconductor industry strategies by various countries, members of the British Parliament warned that the failure of the United Kingdom to formulate a national chip strategy is an "act of self-harm."

The House of Commons business committee accused the executive secretary of failing to address recommendations issued last November, which included encouraging greater cooperation with countries to safeguard supply chains and attract investment.

"The longer you wait, the less clarity there is," said Labor MP and committee chair Darren Jones.

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Jones said, "The committee has received information from British companies that they want to stay in the UK, but the Americans keep coming to us and offering us a lot of free things."

He said that with 40 days to go before the Budget, an industrial strategy must be announced urgently so that sufficient funds can be provided and used effectively.

The business committee also questioned whether government support for the chip industry would be enough to have any meaningful impact.

Sources told The Daily Telegraph that the government is expected to provide about £1bn in funding to the UK chip industry, which compares poorly with support for chip design and manufacturing companies in other countries.

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