AI Crucial for UK’s International ‘Growth Challenge’, Chancellor Says

Published on
21/04/2023 11:31 AM
AI

Chancellor Jeremy Hunt has urged the UK to ‘win the race’ for AI development in order to lead the UK’s international ‘growth challenge’, otherwise Britain will be left behind in this innovative area.   

Speaking at the Politico TechUK launch event in London, Jeremy Hunt emphasised that AI should not be feared as a cause for job losses but instead should be embraced as a key driver for growth.

Hunt urged UK businesses and policymakers to work together to create a regulatory framework that encourages innovation while ensuring the benefits of AI are widely shared. This will work to help cement the UK's position as a global leader in AI and drive long-term economic expansion.

Should we be worried about AI?

The Chancellor’s comments come amid rising industry concerns as leading figures warn of the risks associated with the technology while tech giants race to utilise the offerings it can provide to improve services and operations. 

Italy notably U-turned on their short-lived ChatGPT ban earlier this month, while the White House asked the American public for help to regulate the new AI technology

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Sridhar Iyengar, MD Europe Zoho Europe commented: “It is positive to see the Chancellor championing AI and encouraging further development in this area as part of the UK’s tech surge. The nation should embrace the benefits AI can bring, offering itself as a useful business tool when used correctly by allowing tasks to be automated, business efficiency to improve and customer experience to be enhanced.

“AI can assist with tasks such as data analysis, forecasting and fraud detection, which are just a few of the benefits that can greatly improve business efficiency and support staff in their day-to-day roles. AI-powered tools such as chatbots and predictive analytics can help businesses improve customer experiences while freeing up staff to focus on more complex tasks. AI can also help businesses reduce costs and increase efficiency by automating repetitive tasks.

“During implementation, it is important that businesses approach AI in an ethical way, ensuring it is fed with unbiased training data, for example, in order to reap the true benefits this technology can provide customers, staff and businesses as a whole. Organisations should invest in developing their employees' digital skills and offer training programs to help them adapt to new technologies. This will help them embrace the future of AI and maximise its effectiveness to aid long-term business growth while promoting economic success.”  

Jeremy Hunt said: “Of course there’s a potential for this technology to be used in a bad way. We need to be very mindful of that… But I don’t believe it’s possible to opt out of this race. I think we have to win the race and be super smart about the way we regulate it.”

 

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