Home | LATEST NEWS | AI tech sector deal will provide huge boost for the economy
AI tech sector deal will provide huge boost for the economy
AI tech sector deal will provide huge boost for the economy

AI tech sector deal will provide huge boost for the economy

The Minister for Digital and the Creative Industries believes the UK’s AI deal will have a long term positive impact on the economy.

Announced at the end of April by the government, the UK tech deal is worth £1 billion and will put Britain at the very front of Artificial Intelligence.

Backed by private investment too, the tech deal will help to shape Britain’s future, providing at least 1,000 PhDs in AI at any one time by 2025 that will give Britain the expertise to research the technology and place the country as a world leader in this particular technology.

Following the announcement, Margot James spoke about the potential benefits to the economy if AI is adopted in a widespread fashion.

She said: “From how we travel, to how we live and work, AI holds transformative implications of every aspect of our lives and for every sector of the economy.

“For the UK, the economic prize is clear: potentially adding 10% to our GDP by 2030 if adoption is widespread, with a productivity boost of up to 30%.”

At the present time, infrastructure development is a huge part of the UK’s growth. Schemes such as HS2 and Crossrail are making significant progress, with the latter expected to see the Elizabeth line opened at the end of this year.

In addition, plans are being made for Crossrail 2, and the government’s Road Investment Strategy is continuing at pace, with its successor also in the pipeline.

For infrastructure needs, Ms James said that AI will assist with the delivery of these schemes, while digital capability will also be invested in.

“In infrastructure, we will ensure that the ambition of our AI sector is matched by the means of delivery: in communications, in data and in supercomputer capacity.

“In telecoms, we are investing over £1 billion to become a country with world class digital capabilities.”

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