The UK has vowed to pump more cash into artificial intelligence (AI) as the Chancellor looks to build the ‘next Silicon Valley’.

The Government will boost spending by £500million to develop AI over the next two years, bringing the total planned investment to more than £1.5billion.

Vowing to make Britain an ‘AI powerhouse’, Chancellor Jeremy Hunt said that the money would help the UK’s ‘world-leading scientists’, universities and start-ups.

The Chancellor had previously stated that he wanted the UK to have the world’s ‘next Silicon Valley’ – encouraging investment in new companies. 

The UK hosted the world’s first AI Safety Summit this month and the Government will be launching the first AI Safety Institute, backed by an £100million investment.

Tech drive: The Government will boost spending by £500m to develop AI over the next two years, bringing the total planned investment to more than £1.5bn

Tech drive: The Government will boost spending by £500m to develop AI over the next two years, bringing the total planned investment to more than £1.5bn

Tech drive: The Government will boost spending by £500m to develop AI over the next two years, bringing the total planned investment to more than £1.5bn

It comes as the development of AI has accelerated, with the release of new generative AI chatbots such as Chat GPT, which can churn out human-like content based on prompts.

The AI sector already contributes £3.7billion to the UK economy and employs 50,000 people. 

‘When it comes to tech, we know that AI will be at the heart of any growth,’ Hunt said, adding that he wanted to ensure universities and start-ups benefit from it.

Julian David, chief executive of trade body Tech UK, said that the commitments had ‘significant potential’ but added ‘there is no room for mistakes and no time to lose’ in the current economic backdrop.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on Dailymail.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

What is the real cost of all this ‘free’ money?

Many of the UK’s workers were doubtless relieved that the Chancellor has…

So how does the spring budget affect YOU? We spoke to eight typical families who reveal how much they will ‘save’

THIS week The Sun spoke to eight struggling families to see what…

‘I paid £9k for state pension top-ups… in 2020!’: Shambolic system run by HMRC and DWP condemned

Liz Milintacupt-Taylor: Paid £9,000 for top-ups in 2020, and could not start…

High street giant to shut 10 supermarkets and clothing stores this year – is one going near you?

A MAJOR high street giant plans to close several supermarkets and clothing…