“Our particular strengths as a country are in areas such as life sciences, financial services, defense and the creative sector. And where we will really lead the world is where we can harness the power of AI in these sectors,” Kendall told the Financial Times.
The plans were part of a wider artificial intelligence package designed to modernize the UK's technology infrastructure and reassure entrepreneurs and investors that Labor supports the sector ahead of next week's budget, which is expected to increase taxes on the wealthy.
The UK has sought to attract investment from US artificial intelligence companies such as OpenAI and Anthropic.
The government has signed several “strategic partnerships” with US groups in a bid to attract foreign investment in Britain's artificial intelligence infrastructure and talent in exchange for bringing their technology into the public sector.
Sue Daly, from lobby group TechUK, said the plan showed “real ambition” but warned: “Advanced market commitments of this nature must be crafted carefully to avoid unintentionally distorting competition.”
The government also announced that James Wise, a Balderton-based venture capitalist, will head up the government's £500 million artificial intelligence unit, which was set up to support artificial intelligence start-ups along with the British Business Bank.
Additional reporting by Ivan Levingston.
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