Business Secretary Greg Clark has today (Friday 5 October) awarded £10 million to UK regulators to help drive forward innovation in the public sector and regulate the industries of the future.
The Regulators’ Pioneer Fund will fund 15 unique projects that will use technologies of the future, including AI and robotics, to improve efficiency in the public sector and save the taxpayer money.
Winning projects include:
- Nearly £700k to regulator Ofcom for a project that uses blockchain technology to improve UK telephone number management.
- Nearly £700k for the Solicitors Regulation Authority to support business innovations that will use Artificial Intelligence (AI) to transform the legal services market for small businesses and consumers.
- Up to £1 million for the Civil Aviation Authority to support a project that includes a ‘regulatory lab’ that will bring together relevant bodies to unblock legislative and regulatory barriers to innovations like flying taxis.
Business Secretary Greg Clark said: “The UK’s regulatory environment is recognised as being among the best in the world and through our modern Industrial Strategy we are building a business environment in which Britain’s dreamers, developers and disruptors can continue to thrive.
“These projects will further strengthen our regulatory system and ensure that it keeps pace with the innovation and technological advances needed to power our economy now and in the future.”