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HomeAI News & UpdatesUK Budget Boosts AI Sector with £100M Extra Funding

UK Budget Boosts AI Sector with £100M Extra Funding

AI sector of UK is about to have a boost. Jeremy Hunt is expected to publicly announce a double boost in research funding at the Alan Turing Institute.

Jeremy Hunt plans to increase funds for the government’s Alan Turing Institute, the National Center for Information Technology and Artificial Intelligence, to support the UK‘s expanding artificial intelligence industry.

The delicate state of the public budget has limited the chancellor’s ability to give away large sums of money before elections, but he is still likely to announce a hundred million-pound five-year investment plan.

The Treasury stated the funds will enable Turing, an organization founded in 2015 and named for the renowned mathematician and computer scientist who passed away in 1954, to make discoveries in the fields of data science and artificial intelligence.

The additional funds will go toward studies on the following fields where artificial intelligence is thought to have a significant impact: Includes

  • improving national security and defense
  • revolutionizing healthcare
  • preserving the environment

According to Treasury officials, the funds would directly benefit the general population by improving healthcare and addressing issues related to biodiversity.

Hunt has made it clear that he wants to make Britain the next Silicon Valley and a science superpower ever since taking office as chancellor in October 2022. He has declared his intention to use the strength of the pension funds in Britain to imitate the US in commercializing inventions.

The Rt Hon Jeremy Hunt MP - GOV.UK

Hunt thinks AI has the potential to help Britain overcome its terrible productivity history. According to recent studies, generative AI adoption might boost the world economy by a value of $4.4 trillion (£3.5 trillion) annually.

According to sources, the chancellor hoped to utilize the digital revolution to encourage economic expansion and allow scientists to produce ground-breaking discoveries in fields like aerospace, health, and climate change that would benefit the whole of the United Kingdom. According to Hunt, the additional cash will enable Turing to significantly improve health and wellbeing in the UK by expanding on previous initiatives and utilizing the country’s distinctive health data sources.

According to a Treasury source, investing in this vital technology is a crucial chance to boost the economy and create a better future for Britain, since the UK is home to one-third of Europe’s Intelligence companies. We are advancing our strategy to make sure that we remain on top of determining how technology improves our lives by supporting the Turing Institute.

The UK was ranked fourth in an international AI league table, after the US, China, and Singapore, and slightly above Canada, South Korea, and Israel. The league table measured investment, innovation, and implementation using a variety of factors.

The main objective of the government-funded Alan Turing Institute is to become the world’s premier location for data science and artificial intelligence studies, cooperation, and industry. It collaborates with the private sector, academia, and government to create cutting-edge research, adapt it to domestic and international issues, develop prepared-for-future skills, and promote educated public discourse.

The Alan Turing Institute brings data expertise to nationwide walking and cycling schemes | The Alan Turing Institute

Its initiatives consist of decreasing the shipping sector’s environmental impact, collaborating with the Bureau for National Statistics to improve the UK’s health information, applying machine learning to understand Premier League players’ abuse of the internet, and using artificial intelligence to identify ecosystems in the Peak District.

The organization stated our goal is for Turing to be known globally in ten years as a hub for innovation and research that uses artificial intelligence and information science to deal with the most important social concerns faced by the world in today’s era.

 

Editorial Staff
Editorial Staff
Editorial Staff at AI Surge is a dedicated team of experts led by Paul Robins, boasting a combined experience of over 7 years in Computer Science, AI, emerging technologies, and online publishing. Our commitment is to bring you authoritative insights into the forefront of artificial intelligence.
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