The tech industry is still trying to play catch-up with its US counterparts and the British government is trying to promote growth in the sector by granting tax breaks and other incentives.

Philip Letts, CEO of is one of the world's most instrumental tech business leaders, following the birth of the internet.

Letts concentrates on bridging upstart or incumbent businesses through a commerce platform called, which is set to change the way businesses buy and sell services on an online global services exchange.

It currently has almost 30,000 businesses on the exchange and is growing by nearly 1,000 new businesses per month. is also operating in 141 countries.

Speaking with IBTimes UK exclusively on camera, Lett says that British lawmakers are simply not doing enough to analyse 'what it takes' to help tech businesses flourish and why the UK is so far behind other places, such as Silicon Valley.

Letts has run a string of high profile web ventures operating across the US and Europe including an established Silicon Valley venture, including overseeing the creation of one of the world's first fledgling forms of internet currencies,

He also told us how the world has yet to figure out whether it needs, or is ready for, alternative internet currencies, such as Bitcoin.

Don't forget to check out the first part of the video here.