Offering absolutely nothing..
With Trump attacking higher education, it's an open goal to suggest smart people come over here. And what do we have from our government... absolutely nothing.
Most of this announcement looks like hot air. "Reducing regulation" is an empty phrase when the business environment is fragmented (see the idiotic complexity of VAT across Europe), and the region actively introduces large regulatory frameworks that over-burden small businesses and dissuade innovation - see the last decade of rules around drones, data management, manufacturing and waste and all the rest.
It is infinitely easier to import a dodgy gadget from China than to actually make one in Europe to sell. Seriously, try it. It's not a focus of The Register, but the overhead on making a simple device and complying with all of the necessary sales, tax, safety, waste and security directives turns a two week job into a six month slog - and six months of an engineering team's time makes nearly any device economically unviable unless you happen to be Samsung. Not so much move fast and break things as please can you fill form 56B-II in triplicate?
Then add on the fact that local engineering has been crushed, and your 'made in Europe' project involves most of it being made in China (which has the expertise), and sourced from America (hello Digikey!) and Taiwan.
So, we can't afford to design, manufacture or sell here... what else? It turns out our Universities aren't connected to any technological manufacturing hubs (Silicon Valley, Taiwan, Singapore, China), so what they teach is the theory of how other people build things.
And as for finance, no-one in Europe wants to be seen backing a loser, so money is largely unavailable for early stage startups ("please prove you're wildly successful first"), and most of the innovation funds prefer projects with academic output that doesn't have to be judged by any commercial measure of success. Studies on smarter cities, academic work on theoretical improvements to other people's technology and tail wagging the dog work on projects to make the rest of the world's work a bit more environmentally friendly. All washed down with endless form-filling busywork so there's a long paper trail to show how deeply engaged the innovation centre is.
This applies both to Europe and the UK - which had gone so far down the European development route over the last few decades that Brexit has done nothing to change attitudes even if it's decimated budgets. We (the UK) have no serious representation for technology and engineering in government, apart from Nick F***ing Clegg, who wants to destroy copyright because an American company believes it deserves all of our intellectual property. If your most scientific representative is Nick Clegg, you are in serious trouble.
There is a way forward, but the corporate lobbying in the UK and Europe, a symbiotic (in the Alien face-hugger sense) dependency on American corporations in the UK and a general lack of drive across all of our public sectors means that innovation is driven overseas, or just drowned in apathy.