Chancellor Philip Hammond unveiled the Autumn Budget yesterday, announcing more investment to boost the technology industry as well as a new advisory body.
Hammond’s budget plans to create a Centre for Data Ethics and Innovation, leading on his aim of boosting artificial intelligence (AI).
Described by the Chancellor as ‘the world’s first national advisory body for data and AI’ it aims to work with the government, regulators and industry to build the foundations for the development of AI and data adoption.
Hammond said: “For the first time in decades, Britain is genuinely at the forefront of this technological revolution. In universities, factory floors and business parks across this land. But we must invest to secure that bright future for Britain and with this #Budget that is what we intend to do.”
A total of £75m will lead development of AI as outlined in the Budget yesterday, with the hope of the UK being at the forefront of innovative technology in the future competing with European and Global rivals.
Creating the hub aims to boost some public sectors by up to 30% and increase GPS by a further 10%. Furthermore, the advisory body aims to benefit households across the UK by providing savings of over £2,000 a year by 2030.
Technology companies welcomed the investment into AI hoping that it will boost development in industries and expand the efficiency of workforces in public, private and commercial sectors.
Chris Francis, Director Government Relations at SAP, said: “The Chancellors commitment to invest £500 million around AI, Machine Learning and Automation and 5G networks are very welcome and a clear indication of its recognition of digital innovation as a growth driver for the UK economy.
“This will help companies now, and just as importantly, lay the digital foundations essential for emerging solutions like AI, the IoT and blockchain.”
Other areas such as 5G and STEM skills were a heavy focus of the Chancellors in his budget announcement, hoping to boost the UK’s economy and talent further over the next few years and ultimately become a world leading country in the industry.