economy Archives

Google report highlights AI’s impact on the UK economy

A new report by Google emphasises that AI represents the most profound technological shift of our lifetime and has the potential to significantly enhance the UK's economy.

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...

5 July 2023 | Artificial Intelligence

Editorial: UK puts AI at the centre of its Budget

British Chancellor Jeremy Hunt announced the country’s Spring Budget this week and supporting the AI industry was at the centre.

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,...

16 March 2023 | Artificial Intelligence

CEBR: Automation increases US/UK business revenues, boosts economic resilience

Research conducted by the Centre for Economics and Business Research (CEBR), in conjunction with SnapLogic, has found that automation is having a profound impact on the monthly revenues of UK businesses.

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...

16 November 2021 | Enterprise

UK sets out its 10-year plan to remain a global AI superpower

The UK has unveiled its 10-year National Artificial Intelligence Strategy with the aim of securing the country’s place as “a global AI superpower”.

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...

23 September 2021 | Ethics & Society

The UK is changing its data laws to boost its digital economy

Britain will diverge from EU data laws that have been criticised as being overly strict and driving investment and innovation out of Europe.

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...

26 August 2021 | Ethics & Society

Research: AI is a ‘welcome boost’ that could add millions to GDP

New research from McKinsey and Quantumblack suggests UK businesses adopting AI could see their value increase by 120 percent within a decade.

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,...

11 June 2019 | Legislation & Government

PwC: Jobs created by AI will balance out those it destroys

PwC is taking a more neutral approach regarding AI’s impact on jobs amid clashing arguments over whether it will create or destroy more in the long-term. 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...