This week British Chancellor Jeremy Hunt announced the country’s Spring Budget and the UK’s AI industry was at the centre. The UK is home to Europe’s leading AI industry; with only the US and China in front, it has become the world’s third-highest recipient of venture capital investment for the tech sector – higher than both Germany and France combined.
The UK government is determined to ensure that this country remains at the top of the AI global leaderboard and as a result, investments worth £300m in support of the AI sector were unveiled. This investment will be put towards building economically beneficial AI applications, increase research and funding, as well as public and private sector collaborations.
Following the Spring Budget and its focus on the AI industry, Technology Minister Matt Hancock made a statement revealing he will be introducing a sector deal for AI, outlining a strategy of how the sector will be handled and ensuring that the UK is at the forefront of AI developments for years to come.
£20m has also been set aside for AI training to support the fostering of a skilled workforce for the future. As well as this, universities will also receive funding to ensure their research remains up to date and at the cutting-edge of developments and technologies.
The UK has long been making waves with its activity when it comes to AI and now with the addition of this Spring Budget it is clear the government, and UK citizens, is committed to the development of the industry. With this £300m investment, and the introduction of this sector deal, it is possible to dream of a future where the UK really is an AI superpower.