Jeremy Hunt plans to provide a budget boost for the UK’s growing artificial intelligence industry by doubling funding. Alan Turing Institute – National Institute for Data Science and Artificial Intelligence.
The chancellor is expected to announce a five-year funding package worth £100m, although the scope of pre-election giveaways has been limited by weak public finances.
The U.S. Treasury Department said the funding will allow Turing Labs, founded in 2015 and named after the computer scientist and mathematics pioneer who died in 1954, to make new advances in data science and artificial intelligence.
Additional funding will be allocated to research in three areas where AI is believed to have an important role to play: transforming healthcare, protecting the environment, and enhancing defense and national security. Treasury sources said the funding would have a direct impact on the public by improving healthcare and tackling biodiversity challenges.
Since taking office as Chancellor of the Exchequer in October 2022, Hunt has repeatedly expressed his desire to turn the UK into a scientific superpower and hopes that the country will become the next Silicon Valley. He announced plans to use the power of British pension funds to emulate America’s success in turning inventions into commercial propositions.
Hunt believes artificial intelligence offers a way to improve the UK’s poor productivity record. Recent research suggests that the adoption of generative AI could add $4.4 trillion (£3.5 trillion) to the global economy annually.
Sources say the chancellor wants to harness the technological revolution to boost economic growth and enable researchers to make new discoveries in a range of fields including medicine, aerospace and climate change, benefiting every corner of the UK. Hunt believes that the new funding will enable Turing to make an important contribution to the health and wellbeing of the UK, building on past projects and leveraging the UK’s unique health data sources.
A Treasury source said: “A third of Europe’s AI companies are based in the UK and investing in this key technology is a vital opportunity to grow the economy and create a brighter future for the UK.
“By supporting the Turing Institute, we are taking another step in our plans to ensure we are at the forefront of shaping how technology can make our lives better.”
one International League Ranking List The use of artificial intelligence – which uses a range of indicators to measure investment, innovation and implementation – places the UK in fourth place, behind the United States, China and Singapore and ahead of only Canada, South Korea and Israel.
The Alan Turing Institute is primarily government-funded and aims to be “the world’s best place for research, collaboration and business in data science and artificial intelligence”. It works with academia, industry and government to “advance world-class research and apply it to national and global challenges, develop future skills and drive informed public dialogue”.
Its projects include reducing the carbon footprint of the shipping industry, developing a more accurate picture of health in the UK by working with the Office for National Statistics, using machine learning to understand online abuse of Premier League footballers, and using artificial intelligence to map habitats in the UK . Peak District.
“Our goal is that ten years from now Turing will be an internationally recognized center for research and innovation, harnessing the power of data science and artificial intelligence to have a lasting impact on the world’s most pressing social issues,” the institute said.
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