UK to Invest £100 Million in Artificial Intelligence Research

The funding is part of the £7 billion committed to the modern Industrial Strategy in 2016, and is destined to elevate investment to R&D to a record level not seen since the 1970s.

“Britain is a great place to do business. We are leading the way in the tech revolution; the UK digital sector is now worth over £130 billion, with jobs growing at twice the rate of those in the wider economy,” said Chancellor Hammond. “We are backing British innovation to help create growth, more jobs and higher living standards. And we are determined, as we leave the EU, to make sure it remains that way. I want to ensure we remain the standard bearer, so we must invest in our new economy so that it can adapt and remain competitive.”

The UK modern Industrial Strategy faces four grand challenges. These include putting the UK at the forefront of the AI and data revolution, towards which a government office for AI has been established and a £9 million Centre for Data Ethics and Innovation has been built. The other three challenges include modernizing transportation through new electrical vehicle charging technologies and development and testing of connected and autonomous vehicles; maximizing opportunities from the global shifts to clean growth and low carbon innovation; and meeting the needs of an ageing society by harnessing the power of innovation.