17 July 2024
While today’s King’s Speech (Thursday 17 July) mentioned regulations for the most powerful AI models, it fell short of announcing the anticipated AI bill. RSM UK urges government to use the new legislation as an opportunity to focus on the bigger picture by providing the right environment and investment for UK AI companies to grow and ensure technology is accessible to all businesses.
Ben Bilsland, partner and head of technology at leading audit, tax and consulting firm RSM UK, comments: 'Labour had teased an AI strategy, but it’s been short on details. It is welcome news to see AI being put firmly on the agenda. UK tech is a global leader in AI with almost 9,000 UK companies, nearly 3,000 more than the whole of the EU combined*. UK AI companies will watch closely for policy that creates funding, a skilled workforce and access to deep compute.
'Clear and effective regulatory frameworks are needed, but Labour must ensure they aren’t missing the bigger picture of this once in a lifetime economic opportunity for all industries across the UK. If the private sector is able to tap into this transformational technology ahead of global competitors, it will unlock a major boost to UK productivity and economic growth. The UK simply cannot afford to be behind here.
'Clear and effective regulation is an important early step to provide appropriate protection for individuals and reassurance to those that are reluctant to adopt AI. However, the government should look to provide funding for digital investments and training for the workforce, alongside regulation, to ensure the UK is at the forefront of major developments in AI.'
*Statista – 8,900 AI companies in the UK, compared to 6,000 in the European Union.

