23 November 2023
As the Chancellor announces £500m investment in AI in his Autumn Statement speech, Ben Bilsland, technology and media senior analyst, RSM UK, said: ‘Many in AI will welcome the announcement of £500m investment in AI innovation centres from the UK Government, but may challenge the weight of the Government’s commitment in this key area, with over £37bn of AI risk capital investment across AI globally in 2023 alone. The way this investment is deployed may be crucial.
‘The Chancellor is right to point out the UK is the third largest tech ecosystem globally, and within the field of AI the country has credible grounds to take a seat at the global table. Key aspects that contribute to this are our world class universities and the strength of our tech entrepreneurs. However, a key role for Government in AI is to ensure that both academia and small, innovative businesses have access to the technology and resources they need to develop their ideas. This includes access to the super-powered chips required for generative AI that is currently significantly constricted by supply.'