Investors and regulators are being urged to go further and faster to deliver new growth for the UK’s AI sector as part of the government’s modern industrial strategy, as new figures show backing for British AI firms hit record levels last year.
A total of £2.9 billion in private support and average deals worth £5.9 million has set the stage for further investment and new opportunities for both AI companies and financial backers alike, News Cover reports, citing UK government.
It means British AI companies alone now contribute £11.8 billion to the UK economy – double the amount in 2023 - while AI employment tops 86,000 across the country. This record investment is unlocking new growth which will benefit communities - helping fuel further development and putting more money in people’s pockets through AI.
The figures also show at least double the number of AI companies are now based in the Midlands, Yorkshire, Wales and North West compared to just 3 years ago.
In a speech to city bosses and tech firms at Mansion House this evening, the Technology Secretary called on industry to step up and match the UK government’s ambition when it comes to AI – in a bid to drum up further investment and see more AI companies call Britain home.
He pointed to the government’s efforts to slash red tape, build infrastructure such as data centres and attract top talent – with a fresh push to work in partnership with industry to maintain the UK’s position as a world leader.
