AI crucial for UK’s global economic growth plan, says Chancellor

UK government Chancellor Jeremy Hunt said the nation must ‘win the race’ for AI development to fuel economic growth, or face being left behind.

Speaking at the Politico TechUK launch event in London last week, 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.

He argued that this would help cement the UK’s position as a global leader in AI and drive long-term economic expansion.

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.

Sridhar Iyengar, Europe’s managing director of software company Zoho Europe, championed the Chancellor’s drive for AI development in the UK.

“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”.

He added: “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.”

The software MD also pointed out that 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, Iyengar said that it is crucial 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”.

He added: “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.”

AI is dominating headlines of late. Just this week Musk announced plans for a new generative AI system which he calls “TruthGPT”, while the EU is calling for a summit to decide how best the technology should be regulated.