Tech Secretary Peter Kyle has called on investors and tech industry figures to “step up” and match the ambition of the government in AI, as investment figures are revealed.
In a speech to City leaders and tech firms at Mansion House on Wednesday evening, Kyle celebrated government policy to advance AI, including efforts to cut red tape in support of faster infrastructure development.
“We have learned the lesson of history: countries can only prosper if they get the big calls right, if they decide to go beyond the expected and embrace the future, to innovate not imitate,” Kyle said.
“Refusing to be constrained by the problems of today by taking up the challenges of tomorrow. In these uncertain times, I am certain that’s what it takes to get a global competitive edge.
“We want you to keep investing here, keep building here – list here, scale here. If you invest in Britain, you’ll share in that competitive edge.”
The minister’s speech came as the government revealed a record £2.9bn was invested in British AI companies last year, with average deals worth £5.9m.
UK AI firms now contribute £11.8bn to the UK economy, double the amount in 2023. AI employment has reached 86,000.
Kyle noted that public trust in the technology is key to increasing its uptake and has therefore launched the AI assurance roadmap, a plan to create new jobs and career pathways in the sector.
AI assurance refers to those who examine AI systems to ensure they working properly and compliant with regulation.
The government will work to establish a dedicated AI assurance profession, backed by an £11m AI Assurance Innovation Fund.
This government is slashing burdensome red tape and making the conditions for record investment in AI, so that once again the UK can lead the way,” said Chancellor Rachel Reeves.
“This country has huge potential, but our economy has been stuck on pause for too long. By giving companies the right environment to innovate, grow and create jobs we are changing that, delivering economic growth to put more money in working people’s pockets.”
Register for Free
Bookmark your favorite posts, get daily updates, and enjoy an ad-reduced experience.
Already have an account? Log in
