The report suggests that by 2030, AI could boost the UK economy by £400 billion—leading to an annual growth rate of 2.6 percent.

Steven Mooney, CEO of FundMyPitch, commented:

“If AI is projected to bring billions to the UK economy, then why on earth aren’t our start-ups and SMEs getting the funding they need to take their businesses to the next level?

Time and time again, reports show that UK entrepreneurs struggle to secure access to credible funding or even an independent valuation, in stark contrast to other markets.

A failure to get ahead of the game on AI will have disastrous consequences for the economy, so giving full financial backing to up-and-coming companies that are pioneering developments in this technology should be a top priority.”

Google’s UK and Ireland boss, Debbie Weinstein, describes the transformative power of AI as unprecedented in the tech industry.

While concerns about job displacement due to AI exist, Weinstein reassures that new job opportunities will also arise as a result of AI implementation. She acknowledges the impact that this technology will have on people and emphasises the need to equip individuals with the necessary skills.

Recognising the profound impact AI will have on all aspects of society, Google says that it aims to ensure that individuals are prepared for this fundamental shift.

The report comes at a time when fears about the disruptive nature of AI are widespread. 

Professor Geoffrey Hinton, known as the “godfather of AI,” recently resigned from Google, expressing concerns about the potential misuse of AI tools.

Hinton warns of the possibility of bad actors using AI for nefarious purposes. However, he also acknowledges that someone else would have developed AI if he had not, suggesting that responsible development and regulation are necessary.

The call for caution and regulation in AI development has been echoed by experts worldwide. 

The launch of tools like ChatGPT and Midjourney has highlighted the potential for misuse. Google’s report emphasises the importance of regulation as AI technology advances and affirms that the company is actively collaborating with regulators globally.

Moreover, Google supports the establishment of a “national skills agenda” involving governments, businesses, and educational institutions. This collaborative effort aims to ensure that workers are not left behind as AI technology progresses.

Chris Downie, CEO of Pasabi, said:

“With AI set to bring unprecedented change to the economy, it is refreshing to see companies like Google looking to work proactively with Government to take a nuanced approach to regulation.

A national skills agenda and the UK Research Cloud are admirable initiatives, however, more attention still needs to be given to the risks posed by cyber criminals who are already hijacking the technology for their own harmful purposes.

From online scams to the global epidemic of fake reviews, to adopt a proactive approach to harness the latest fraud detection technologies to take the fight to online fraudsters.”

Google recognises the necessity of striking a balance, enabling agile regulation to attract inward investment while effectively managing the risks associated with AI.

By fostering collaboration between various stakeholders and prioritising skill development, the UK can capitalise on the competitive advantages offered by AI while safeguarding against negative consequences.

AI presents both challenges and opportunities, and it is crucial to navigate this technological shift thoughtfully and responsibly.

See also: UK will host global AI summit to address potential risks

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The UK is Europe’s AI leader. Indeed, behind the US and China, the country’s tech sector overall has the third-highest amount of VC investment in the world – more than Germany and France combined – and has produced more than double the number of $1 billion tech firms than any other European country.

Gerard Grech, CEO of Tech Nation, said:

“As a nation uniquely positioned between two economic powerhouses, the US and the EU, we must harness innovative regulation that will enable us to propel ourselves as an international hub and leader for AI, quantum computing, and deep tech.

This is a critical step towards creating a distinctive, value-driven tech ecosystem in the UK, setting us apart from other tech hubs.”

To support British startups, an ‘AI Sandbox’ was announced by the chancellor. The sandbox features a number of initiatives designed to encourage AI research and investment.

Among them is a prize pot containing millions of pounds. £1 million will be up for grabs every year over the next decade for the best AI innovations created by teams and individuals.

Ludovico Lugnani, Technology Solicitor at BDB Pitmans, comments:

“Following yesterday’s news of Open AI’s launch of its upgraded GPT-4 chatbot, the Budget’s announcement as to the creation of an AI sandbox offers a promising outlook for the UK to speed up the arrival of AI products to market.

As part of this, particular emphasis should be placed on providing effective guidance as to the implications of copyright law on generative AI applications following the recent claim by Getty Images against Stability AI over breach of copyright.”

Elsewhere, £2.5 billion is being ploughed into advancing quantum computing. The powerful machines will enable a literal “quantum leap” in AI.

“The power that AI’s complex algorithms need can be provided by quantum computing,” the chancellor told the Commons.

£900 million is also being invested to create an exascale supercomputer that will be several times more powerful than the country’s biggest computers and advance not just AI research, but also science, healthcare, defense, weather modelling, and more.

“[The supercomputer] should be a huge boost to the UK’s ability to support cutting-edge research in areas requiring complex modelling and simulations, such as climate change, pharmaceutical development and hi-tech engineering,” commented Nick White, Partner at law firm Charles Russell Speechlys.

Only one exacomputer is currently known to exist. The computer, known as Frontier, is housed at the Oak Ridge National Laboratory in Tennessee, United States.

Other relevant announcements in the Spring Budget are targeted less at the AI industry specifically but aim to solidify the UK’s ranking as the second-best country after the US to invest and launch a business.

Under the ‘Full Expensing’ plans, companies investing in R&D and IT equipment to boost growth will benefit. Every pound a company spends on new IT equipment and machinery can be deducted in full from taxable profits.

The independent OBR (Office for Budget Responsibility) says the measure will increase business investment by three percent every year. The chancellor has committed to the measure for the next three years but intends to make it permanent “as soon as we can responsibly do so”.

Furthermore, smaller businesses will also have an increased annual investment allowance of up to £1 million. This means that 99 percent of SMEs will be able to deduct the full value of all their investments from taxable profits.

Matt Hammond, Founder of Talk Think Do, said:

“I wholly welcome the tax savings on IT investments, research and development as announced in today’s budget. In recent years, Talk Think Do has benefitted substantially from the R&D relief and as a result, we have been able to reinvest the extra cash directly into hiring sector-leading talent.  

R&D relief has helped to accelerate our expansion by over 750 percent in just four years. We are a successful example of how the relief has encouraged greater innovation in UK businesses and has unlocked significant growth opportunities. Today’s update benefits the economy at large and so I am glad to see this has been considered in the budget.”

The creation of 12 investment zones is set to further boost the UK’s tech credentials and spread opportunity across the country.

Eight have been announced in England and will be around research institutions in the East Midlands, Greater Manchester, Liverpool, North East, South Yorkshire, Tees Valley, West Midlands, and West Yorkshire.

Four more will be in Scotland, Wales, and Northern Ireland. These investment zones, based in the UK’s devolved administrations, will be announced by the end of the year.

Rikke Wichmann Bruun, CEO of MRM UK, commented:

“The announcement of investment into technology – including green technology – through the 12 investment zones presents a great opportunity for businesses and brands in the UK.

The ambition to transform Britain into the ‘next Silicon Valley’ also echoes new research conducted by our agency which found that Brits are the most optimistic about technology’s potential, in comparison to other Europeans.”

Cambridge, Oxford, and London – the so-called ‘golden triangle’ – are often seen as Europe’s closest rivals to Silicon Valley. Each city benefits from world-leading universities and research institutions that help to produce innovative startups and address global talent shortages.

The three cities are based in southern England and have historically benefited more from investment compared to the rest of the UK. Other cities – including Edinburgh and Manchester – have attracted increased investment in recent years, but it’s hoped the new zones will close the gap and unlock the potential across every region of the UK.

“Predictions that inflation will fall to 2.9 percent by the end of 2023 will be very welcome and there were a range of measures announced to boost the economy, including 12 new regional investment zones and a new policy to replace the ‘Super Deduction’,” said Stuart Haynes, Corporate and Commercial Partner at law firm Aaron & Partners.

“There are some fantastic tech innovators in this country and it’s pleasing to see the chancellor really get behind this sector to be a catalyst for economic growth.”

(Image Credit: Zara Farrar / HM Treasury under CC BY-NC-ND 2.0 license)

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Within three months of investment in automation technologies, UK companies saw an average increase of five percent – or £14 billion – per month.

The impact on US businesses was even higher. Over the same three-month period, US companies witnessed an average year-on-year increase in revenue of seven percent—equivalent to an extra $195 billion per month.

Unsurprisingly, businesses that invested more heavily in automation displayed more resilience during the COVID-19 pandemic.

If the US entered the pandemic with similar levels of automation as Singapore, the report suggests the country could have reduced its GDP contraction by $105-212 billion.

The UK, meanwhile, could have prevented its 2020 GDP contraction by around £10-14 billion if it matched the automation levels of the US.

“Our new research confirms a significant positive relationship between automation and economic resilience,” said Josie Dent, Managing Economist at CEBR.

“The adoption of automation, spurred on by the recent pandemic, has helped organisations shield themselves from disruption and quickly position themselves for accelerated growth.”

Rather than destroy jobs, as some fear, automation is boosting employment.

US companies saw an average annual increase in employment of seven percent – equivalent to 7.2 million jobs – within three months of adopting automation technologies.

Over the same period, UK counterparts created an average increase of four percent in jobs—equivalent to around 676,000 roles.

The report suggests that automation has the potential to boost productivity in the UK by 15 percent in the long-term. The healthcare, social work, and transportation industries were noted as particularly benefiting from automation.

“Automation has also led to job creation and greater worker productivity, a significant contrast to the economic picture seen in the period following the global financial crisis,” explained Dent.

The pandemic and clear benefits of automation have driven more businesses than ever to invest in relevant technologies.

In the US, companies spent an average of 13 percent of their annual revenue (amounting to $4.4 trillion) on automation-related technologies. In the UK, companies spent an average of 8 percent of their revenue, or £268 billion in total.

“This first of its kind report from Cebr demonstrates the power of automation to help businesses navigate widespread disruption, and shows how it can be used as a tool to accelerate growth in a post-pandemic age,” said Gaurav Dhillon, CEO at SnapLogic. 

“Businesses today need to equip themselves with enterprise automation technologies that will allow them to quickly adapt and execute business strategies in a rapidly-changing world.”

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DeepMind, Benevolent AI, Graphcore, Darktrace, Oxbotica, and Behavox are just some of the companies that have established the UK’s place as Europe’s leader in AI.

Joanna Shields, CEO of Benevolent AI and Co-Chair of Global Partnership on Artificial Intelligence (GPAI), commented: “A comprehensive strategy and vision for how we drive innovation, economic growth, job creation and social good. AI, successfully and ethically deployed, could become a foundational technology for the future growth of our economy and protecting our security and society.”

Demis Hassabis, Founder and CEO of DeepMind, said: “AI could deliver transformational benefits for the UK and the world—accelerating discoveries in science and unlocking progress on key challenges facing society.”

Data released by Tech Nation highlights the UK now has more than 1,300 AI companies – a 600 percent increase over the last decade – with a collective turnover of almost $2B and employing more than 30,000 people. The country is ranked third in the world for private venture capital investment into AI companies.

While “deep tech” investments are slowing or even decreasing in many countries and regions, it continues to increase substantially in the UK:

Data this week showed that global investors poured £13.5 billion into more than 1,400 UK private technology firms between January and June this year—more than Germany, France, and Israel combined.

However, not to become complacent, the UK launched its 10-year strategy on the third day of London Tech Week. In addition to setting out how it plans to continue developing AI technologies, it also includes plans for a whitepaper on AI regulation to ensure leadership in safe and ethical deployments.

Chris Philp, DCMS Minister, said:

“Artificial intelligence technologies generate billions for the economy and improve our lives. They power the technology we use on a daily basis and help save lives through better disease diagnosis and drug discovery.

The UK already punches above its weight internationally and we are ranked third in the world behind the USA and China in the list of top countries for AI.

Today, we’re laying the foundations for the next ten years’ growth with a strategy to help us seize the potential of artificial intelligence and play a leading role in shaping the way the world governs it.”

Among the initiatives is the creation of a new National AI Research and Innovation program that will enhance coordination and collaboration between researchers.

Another program focuses on increasing AI development outside of London and Southeast England, where the vast majority of the country’s related efforts are concentrated.

Further government investment may also be allocated to incentivise the adoption of AI technologies in industries that are currently not taking full advantage, such as farming and energy production.

Other plans include:

• Publishing a joint review with UKRI into boosting the availability and capacity of computing power for UK researchers and organisations.
• Launch a consultation on copyright and patents for AI through the Intellectual Property Office (IPO).
• Trial an AI Standards Hub to coordinate UK engagement in establishing global rules and working with The Alan Turing Institute to update guidance on AI ethics and safety.

Professor Sir Adrian Smith, Chief Executive of The Alan Turing Institute, said:

“We are proud of creating a dynamic, collaborative community of diverse researchers and are growing world-leading capabilities in responsible, safe, ethical and inclusive AI research and innovation.

These technologies are already improving lives and their prominence continues to grow in our society. To ensure they go from strength to strength it’s critical we foster a sustainable, inclusive, multidisciplinary UK AI ecosystem that attracts people from all walks of life and allows them to flourish.”

While the AI strategy has been broadly welcomed, there is some concern that it doesn’t appear to go far enough in addressing some impending societal issues—especially regarding the impact on people’s jobs and livelihoods.

James McLeod, VP of EMEA at Faethm AI, commented:

“AI is as much a social revolution as it is technological. While a targeted AI strategy is absolutely welcome, it is debatable if it addresses the human changes needed to turn the UK into a fully-fledged, AI-driven economy. Yes, it will create the right foundations and frameworks to push AI forward and help the country take leadership in the space, but we mustn’t forget how workforces in many sectors of the economy will be affected by the innovations it drives.

Technology is already automating and augmenting a huge range of repetitive tasks that don’t require human skills, and will inevitably take on even more in future. So, as well as helping AI and automation create jobs, we also need to think about those who could be left behind or displaced by its introduction, both now and in the coming years.

What employers need is the means to retain, retrain and redeploy employees so technology doesn’t simply replace human workers, but complements them. Targeted training programmes that help citizens develop skills that enhance the human characteristics of work, instead of ones that will become redundant in just a few years’ time as AI continues to evolve, are critical.

If the UK wants to create a future of work that is fair and sustainable, while pursuing a position as a global leader in technology and innovation, this is that chance.”

Just a week after the announcement of AUKUS to counter China’s increasingly aggressive behaviour, the launch of the AI strategy feels like it may also be in part to keep pace with the country’s increasing capabilities in the field.

The US currently files the most AI patent applications, filing around 50,000 between 1998 and 2017. China was not far behind, having filed around 41,000 over the same period.

In March, former Google CEO Eric Schmidt said that China could soon replace the US as the world’s leading AI superpower and warned that has serious implications.

“America is not prepared to defend or compete in the AI era,” said Schmidt, alongside experts in a National Security Commission on AI. “This is the tough reality we must face.”

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Culture Secretary Oliver Dowden has confirmed the UK Government’s intention to diverge from key parts of the infamous General Data Protection Regulation (GDPR). Estimates suggest there is as much as £11 billion worth of trade that goes unrealised around the world due to barriers associated with data transfers

“Now that we have left the EU, I’m determined to seize the opportunity by developing a world-leading data policy that will deliver a Brexit dividend for individuals and businesses across the UK,” said Dowden.

When GDPR came into effect, it received its fair share of both praise and criticism.  On the one hand, GDPR admirably sought to protect the data of consumers. On the other, “pointless” cookie popups, extra paperwork, and concerns about hefty fines have caused frustration and led many businesses to pack their bags and take their jobs, innovation, and services to less strict regimes.

GDPR is just one example. Another would be Article 11 and 13 of the EU Copyright Directive that some – including the inventor of the World Wide Web Sir Tim Berners-Lee, and Wikipedia founder Jimmy Wales – have opposed as being an “upload filter”, “link tax”, and “meme killer”. This blog post from YouTube explained why creators should care about Europe’s increasingly strict laws.

Mr Dowden said the new reforms would be “based on common sense, not box-ticking” but uphold the necessary safeguards to protect people’s privacy.

What will the impact be on the UK’s AI industry?

AI is, of course, powered by data—masses of it. The idea of mass data collection terrifies many people but is harmless so long as it’s truly anonymised. Arguably, it’s a lack of data that should be more concerning as biases in many algorithms today are largely due to limited datasets that don’t represent the full diversity of our societies.

Western facial recognition algorithms, for example, have far more false positives against minorities than they do white men—leading to automated racial profiling. A 2010 study (PDF) by researchers at NIST and the University of Texas found that algorithms designed and tested in East Asia are better at recognising East Asians.

However, the data must be collected responsibly and checked as thoroughly as possible. Last year, MIT was forced to take offline a popular dataset called 80 Million Tiny Images that was created in 2008 to train AIs to detect objects after discovering that images were labelled with misogynistic and racist terms.

While a European leader in AI, few people are under any illusion that the UK could become a world leader in pure innovation and deployment because it’s simply unable to match the funding and resources available to powers like the US and China. Instead, experts believe the UK should build on its academic and diplomatic strengths to set the “gold standard” in ethical artificial intelligence.

“There’s an opportunity for us to set world-leading, gold standard data regulation which protects privacy, but does so in as light touch a way as possible,” Mr Dowden said.

As it diverges from the EU’s laws in the first major regulatory shakeup since Brexit, the UK needs to show it can strike a fair balance between the EU’s strict regime and the arguably too lax protections in many other countries.

The UK also needs to promote and support innovation while avoiding the “Singapore-on-Thames”-style model of a race to the bottom in standards, rights, and taxes that many Remain campaigners feared would happen if the country left the EU. Similarly, it needs to prove that “Global Britain” is more than just a soundbite.

To that end, Britain’s data watchdog is getting a shakeup and John Edwards, New Zealand’s current privacy commissioner, will head up the regulator.

“It is a great honour and responsibility to be considered for appointment to this key role as a watchdog for the information rights of the people of the United Kingdom,” said Edwards.

“There is a great opportunity to build on the wonderful work already done and I look forward to the challenge of steering the organisation and the British economy into a position of international leadership in the safe and trusted use of data for the benefit of all.”

The UK is also seeking global data partnerships with six countries: the United States, Australia, the Republic of Korea, Singapore, the Dubai International Finance Centre, and Colombia. Over the long-term, agreements with fast-growing markets like India and Brazil are hoped to be striked to facilitate data flows in scientific research, law enforcement, and more.

Commenting on the UK’s global data plans Andrew Dyson, Global Co-Chair of DLA Piper’s Data Protection, Privacy and Security Group, said:

“The announcements are the first evidence of the UK’s vision to establish a bold new regulatory landscape for digital Britain post-Brexit. Earlier in the year, the UK and EU formally recognised each other’s data protection regimes—that allowed data to continue to flow freely after Brexit.

This announcement shows how the UK will start defining its own future regulatory pathways from here, with an expansion of digital trade a clear driver if you look at the willingness to consider potential recognition of data transfers to Australia, Singapore, India and the USA.

It will be interesting to see the further announcements that are sure to follow on reforms to the wider policy landscape that are just hinted at here, and of course the changes in oversight we can expect from a new Information Commissioner.”

An increasingly punitive EU is not likely to react kindly to the news and added clauses into the recent deal reached with the UK to avoid the country diverging too far from its own standards.

Mr Dowden, however, said there was “no reason” the EU should react with too much animosity as the bloc has reached data agreements with many countries outside of its regulatory orbit and the UK must be free to “set our own path”.

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AI overall could provide a 22 percent GDP boost worth millions to the UK economy, according to the research.

However, the report warns that firms which do not integrate AI into their day-to-day business risk around 20 percent of their cash flow today.

In separate research last year, McKinsey wrote:

“By 2030, the average simulation shows that some 70 percent of companies might have adopted at least one type of AI technology but that less than half will have fully absorbed the five categories [computer vision, natural language, virtual assistants, robotic process automation, and advanced machine learning].”

The UK is well-positioned to take advantage of AI and is the highest ranking country in Europe on McKinsey Global Institute’s AI Readiness Index. However, the country falls behind the US and China.

Productivity growth in the UK has been weak over the past decade. McKinsey and Quantumblack believe that adopting AI would provide a “welcome boost”.

The UK has become a hotspot for AI with global interest in companies such as DeepMind and Swiftkey. With leading universities, the UK also helps to fill the global skill shortage in artificial intelligence roles.

Helen Mayhew, COO at Quantumblack, said: “We need to be proactive in both the development and diffusion of AI technologies to stop the gap widening.

“The UK is well-positioned to take advantage of these opportunities, and so the potential rewards for businesses and society more broadly are significant.”

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The professional services firm’s analysts predict, in the UK at least, the number of jobs destroyed by AI is likely to be counteracted by the number of roles created.

In fact, over the next 20 years, PwC expects around 7.2 million to be created versus seven million displaced – resulting in a small net jobs growth of around 0.2 million.

Euan Cameron, UK AI leader at PwC, said:

“AI offers a huge potential economic boost to the UK and it’s great to see the government recognise and support the development of the sector through the AI Sector Deal.

People are understandably worried about the impact of AI on jobs, and businesses and the government need to address these concerns head-on. Our research highlights where the biggest impacts will be and which areas are most vulnerable so that businesses and government can plan how best to help people develop the skills that will prepare them for the future.

It’s likely that the fourth industrial revolution will favour those with strong digital skills, as well as capabilities like creativity and teamwork which machines find it harder to replicate.

Historically, rapid technological change has often been associated with increases in wealth and income inequality, so it’s vital that government and business work together to make sure everyone benefits from the positive benefits that AI can bring. These include increased productivity and consumer choice, as well as improved outcomes in those areas that matter most to people such as education to healthcare.”

Many reports until now have taken hardline stances – either AI will drastically alter the jobs market and will require ideas such as UBI (Universal Basic Income) to be considered, or it will simply help to improve the efficiency of existing jobs.

PwC expects certain industries to be ‘winners’ in terms of job growth, while others will lose out.

Winners:

• • Health (+22%)

• • Professional, scientific and technical services (+16%)

• Education (+6%)

Losers:

• • Manufacturing (-25%)

• • Transport and storage (-22%)

• Public administration (-18%)

It’s notable that low-wage jobs are set to lose out the most. This highlights a particular risk to individuals such as factory workers who are most likely to be among the first to be replaced by artificial intelligence.

However, the report notes: “A job being at ‘high risk’ of being automated does not mean that it will definitely be automated, as there could be a range of economic, legal and regulatory and organisational barriers to the adoption of these new technologies.”

John Hawksworth, Chief Economist at PwC, commented:

“Major new technologies, from steam engines to computers, displace some existing jobs but also generate large productivity gains. This reduces prices and increases real income and spending levels, which in turn creates demand for additional workers. Our analysis suggests the same will be true of AI, robots and related technologies, but the distribution of jobs across sectors will shift considerably in the process.

Healthcare is likely to see rising employment as it will be increasingly in demand as society becomes richer and the UK population ages. While some jobs may be displaced, many more are likely to be created as real incomes rise and patients still want the ‘human touch’ from doctors, nurses and other health and social care workers.

On the other hand, as driverless vehicles roll out across the economy and factories and warehouses become increasingly automated, the manufacturing and transportation and storage sectors could see a reduction in employment levels.”

PwC recommends the government invests more in STEM (Science, Technology, Engineering, and Mathematics) education to ensure the workforce is prepared for the needs of the future economy, while also increasing the ‘safety net’ for those who struggle to adapt.

Furthermore, the government should implement its AI strategy ‘in full’ to ensure policies support development of the sector and maximise the income effect of the rapidly-advancing technology on jobs in the UK.

The full results can be found in PwC’s UK Economic Outlook July 2018 report which can be found here (PDF)

Do you agree with PwC’s analysis of AI’s impact on the jobs market? Let us know in the comments.

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