The Government has committed further investment to the UK’s booming Artificial Intelligence (AI) sector by announcing an additional £50 million to attract and retain the world’s top talent.
The announcement within this week’s budget builds on the AI Sector Deal, worth up to almost £1 billion, launched earlier this year. As part of the government’s modern Industrial Strategy, the sector deal set out how the UK will be at the forefront of the AI and data revolution.
Working with the Alan Turing Institute, up to £50 million will be invested in new Turing AI Fellowships to help bring the best global researchers in AI to the UK. The funding will allow the UK to attract, retain and develop world leading research talent.
DCMS Secretary of State Jeremy Wright said:
“Through our modern Industrial Strategy we’re joining with industry to invest close to £1 billion in AI, to position the UK as one of the best places in the world to develop and use this exciting new technology. This investment will help us to recruit and retain the best talent in AI and ensure that we are we are leading the way on research and development in the sector.”
Business Secretary Greg Clark said:
“The huge potential of artificial intelligence to transform our economy and our lives for the better, from revolutionising cancer treatment to combating financial fraud, is at the heart of our modern Industrial Strategy.
“This investment is the next step in our commitment to make Britain the world’s most innovative economy, with highly-skilled jobs in every part of the UK.”
Adrian Smith, Director of The Alan Turing Institute commented:
“In order to realise the significant opportunities for innovation and growth offered by the data and artificial intelligence revolution, it is essential that we nurture and grow the very best academic talent and expertise. We are delighted to be working with the Government Office for AI to deliver the Turing AI Fellowships, bringing the best global researchers to collaborate with us in the UK and driving forward impact in these technologies for the benefit of science, society and the economy.”
AI technologies offer the potential to drive productivity up by up to 25% by 2035. The UK is already home to some of the biggest names in the business such as DeepMind and is well placed to seize the opportunities that AI brings.
Investing in leading academic talent will secure the UK’s international competitiveness and help us to ensure we have the necessary skills and talent in the UK to help us reap the potential benefits that AI offers across all sectors.
Also announced at budget was a new review between the Office for AI and Government Digital Service (GDS) on how government can use AI in new ways to drive improvements in public services and wider economic benefits.