The new numbers show that support from UK AI companies reached record levels last year. So they currently donate £11.8 billion to the UK economy and employ more than 86,000 people.
Average transactions worth £2.9 billion and £5.9 million in private support have set the stage for further investment and new opportunities for both AI companies and financial aiders.
This record-breaking investment will help unlock new growth and promote further development.
Investors and regulators are now being urged to go even faster to bring new growth to the UK AI sector as part of the government’s modern industrial strategy.
AI companies are no longer central to London
The numbers also show that at least twice as many AI companies are based in Midland, Yorkshire, Wales and the Northwest compared to at least three years ago.
Tonight, in a speech to Mansion House city bosses and tech companies, technology secretary Peter Kyle called for the British government to stomp and match the ambitions of AI.
He pointed to the government’s efforts to cut red tape, build infrastructure such as data centers, and attract top talent.
“Country can only thrive if they decide to embrace the future beyond their expectations, innovate, and innovate without imitating them. They refuse to be constrained by today’s problems by taking on the challenges of tomorrow,” he said.
Public Trust is the key to AI ingestion
Public trust in technology is important for its adoption, and more and more economic sectors are poised to harness the possibilities of AI.
To capitalize on this possibility, the new AI Assurance roadmap launched today will add billions of pounds to the economy and create many new jobs by unlocking the growth of key industries in the UK AI sector.
Sharron Gunn, CEO of BCS, a certified IT research institute, commented:
“It is also true that a consortium, including specialized agencies, will be tasked with developing this code and recommending the appropriate path of registration and certification for AI guarantees.”
AI Assurance is centrally focused on ensuring that independent experts can see AI systems and ensure that developers can be trusted without self-evaluating.
The government is now pushing forward with plans to establish dedicated AI assurance specialists, bringing together key stakeholders from across the technology sector to strengthen the quality of this new, independent industry.
Other important industries that benefit from AI
Today’s announcement also includes new pushes from the Technology Secretary to ease the burden on regulators and bring game-changing innovations to market faster than ever before.
Areas that are set up to benefit from these plans include:
OFGEM is supported to develop innovative AI tools to accelerate the approval of clean energy infrastructure. Civil aviation authorities are using AI to analyze aviation accident reports and accelerate drone adoption. The Nuclear Regulation Authority enables the nuclear industry to use AI to safely and efficiently manage high-risk nuclear waste.
The £2.7 million boost will improve AI regulatory capabilities, streamline the regulatory environment, boost economic growth and accelerate the commercialization of transformative technologies that improve the lives of the public.
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