Prime Minister Rishi Sunak is taking a small step in the right direction. After much hesitation, Britain announced on Friday it would invest 1 billion pounds in its domestic semiconductor industry, with a focus on chip designs. The approach makes sense. Britain plays a relatively insignificant role in chip manufacturing, which is dominated by Taiwanese giant Taiwan Semiconductor Manufacturing Company (TSMC) . Nor does it produce the equipment needed to build advanced chips, the realm of Dutch giant ASML . But the UK is home to top chip designers Arm and Imagination Technologies. With over 110 ...