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.

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This post first appeared on Dailymail.co.uk

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