Not so many chips are produced in China. The majority of fabs are in Taiwan and there are also quite a few in the US. (And other countries but that's a minority of the global capacity.)I can’t see how the UK could clean up in the chip making industry as we have all the same issues has China right now plus would cost 4x the cost to make them here no one would buy them. You can’t compete with there dirt cheap labour and hard working ethic’s here n the UK.
Right now the UK can't compete because setting up a fab takes years and £billions, and then you need to be very certain that it will run 24/7 in order to not hemorrhage money.
Also one must keep in mind that there is a single bottleneck which is ASML, the Dutch company which is the only high-end manufacturer of the lithography machines that everyone uses to make the chips.