{"id":34500,"date":"2023-07-05T11:26:39","date_gmt":"2023-07-05T10:26:39","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=34500"},"modified":"2023-07-05T11:26:39","modified_gmt":"2023-07-05T10:26:39","slug":"uk-artificial-intelligence-industry-to-boost-economy-by-400bn-says-google","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/uk-artificial-intelligence-industry-to-boost-economy-by-400bn-says-google\/34500\/","title":{"rendered":"UK Artificial Intelligence industry to boost economy by \u00a3400bn says Google"},"content":{"rendered":"

A new report from Google suggests that the UK Artificial Intelligence sector will add \u00a3400bn to the nation\u2019s economy by 2030.<\/h2>\n

Google\u2019s first economic impact report in the UK for three years found that the UK Artificial Intelligence industry could \u2018turbocharge\u2019 the country\u2019s economy.<\/p>\n

Although the report identified that some UK jobs would be lost due to AI<\/a>, it will also open up a range of lucrative job opportunities, improve workplace productivity, and help people get back to work in the wake of the COVID-19 pandemic.<\/p>\n

Google\u2019s UK and Ireland Managing Director, Debbie Weinstein, says that AI technology will drive the most profound change we have ever experienced.<\/p>\n

She explained: \u201cThis shift that we\u2019re going through is the most profound platform shift that any of us have lived through.<\/p>\n

\u201cWe are very conscious of the impact that this technology will have on people.<\/p>\n

\u201cClearly, there will be some jobs that will be lost, but also a whole new set of jobs that will be created.\u201d<\/p>\n

How will UK Artificial Intelligence technology benefit the economy?<\/h3>\n

Google\u2019s report estimates that the economic boost from AI in the UK would be equivalent to annual growth of 2.6%.<\/p>\n

This would add around \u00a3200bn in extra revenue for public services and \u00a3400bn to the economy as a whole by the end of the decade.<\/p>\n

Google also stated that although some jobs may be lost, they believe the economic benefits and improvements to people\u2019s daily lives outweigh the negatives.<\/p>\n

\"\"
\u00a9 shutterstock\/Pixels Hunter<\/figcaption><\/figure>\n

Is the UK doing enough to capitalise on the AI revolution?<\/h3>\n

Weinstein explained that a nationwide transition to using AI technology will require a significant amount of training. That is why Google is focusing on upskilling workers ahead of the technological shift.<\/p>\n

She said: \u201cWe want to make sure everyone has the skills they need. We\u2019re aware that this is a fundamental technology shift that will impact all of our lives.\u201d<\/p>\n

However, some UK technology experts have expressed that more government support is needed to fully capture the benefits of AI.<\/p>\n

This was reinforced by Steven Mooney, CEO of\u00a0FundMyPitch, who said: \u201cIf AI is projected to bring billions to the UK economy, then why on earth aren\u2019t our start-ups and SMEs getting the funding they need to take their businesses to the next level?<\/p>\n

\u201cTime and time again, reports show that UK entrepreneurs struggle to secure access to credible funding or even an independent valuation, in stark contrast to other markets.<\/p>\n

\u201cA failure to get ahead of the game on AI will have disastrous consequences for the economy, so giving full financial backing to up-and-coming companies that are pioneering developments in this technology should be a top priority.\u201d<\/p>\n

The UK Government recently announced it would provide several UK universities with \u00a354m in funding to develop trustworthy AI research<\/a> to boost the economy. However, notable voices in the sector believe this investment is insufficient to realise AI\u2019s potential fully.<\/p>\n","protected":false},"excerpt":{"rendered":"

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