The UK’s technology sector is thriving, with the country being the first in Europe to produce 100 tech unicorns. The combined value of UK tech companies founded since 2000 is now £540 billion, after the biggest year-on-year increase since 2013/14. The UK is more attractive to international investors than ever, with 63% of tech investment in 2020 coming from overseas, up from 50% in 2016.
AI is the fastest growing deep technology in the world, with huge potential to rewrite the rules of entire industries, drive substantial economic growth and transform all areas of life. With over 3,100 companies AI companies, employing over 50,000 people and contributing to £3.7 billion to our economy, the UK is already a world leader in AI. We benefit from a thriving research and development scene, for example, the Alan Turing Institute is the UK’s National Centre for AI and Data Science and has a partnership with 13 of the UK’s most internationally recognised universities carrying out R&D in AI.
In March 2023, we committed a further £117 million to create hundreds of new PhDs for AI researchers and, alongside with USA, we’re the most likely destination for AI researchers to move to in the world. The UK has also invested more on AI safety research than any other nation, backing the creation of the Foundation Model Taskforce with an initial £100 million.
Furthermore, we will host the world first summit on AI safety in November. Talks will explore and build consensus on rapid, international action to advanced safety at the frontiers of AI technology.