UK Chancellor urged to use AI for economic growth
Author: Joe Peck
UK Chancellor Rachel Reeves has been urged to use the opportunity afforded by AI to ‘Make Britain Great Again’.
The news comes as the Government announced that thousands of new AI jobs and billions of pounds of investment will be poured into the next parliament to help stimulate economic growth.
New AI Growth Zones
Amongst the package of measures proposed for the budget today include a new AI Growth Zone in South Wales, which will create more than 5,000 new jobs for local communities over the next decade, and a further £137 million to support key scientists to drive breakthroughs and develop new drugs, cures, and treatments.
Patrick Sullivan, CEO of think tank Parliament Street, argued that with limited options at the budget, only AI can ‘Make Britain Great Again’.
He claims, “With limited options due to Labour’s absurd manifesto pledge to rule out income tax rises, the Chancellor is now forced to cobble together a quick fix solution to fill a black hole which is entirely of her own making.
“However, the one saving grace is the advent of mass AI adoption, a technology that will bring mass savings at a time when the Government needs it most.
“This is Labour’s chance to show that it gets private enterprise and recognises that by supporting tech talent, AI can truly Make Britain Great Again.”
Tech expert Graeme Stewart, Head of Public Sector at Check Point Software, says, “The case for investing billions in AI to drive growth and reboot the economy is clear, yet little has been said about the cyber and regulatory risks associated with mass adoption.
“Whether it’s attacks on the NHS, nurseries, or local councils, cyber criminals have already proven that nothing in the public sector is off limits. That’s why it’s vital the Chancellor’s AI rollout is backed up with a robust action plan for protecting critical national infrastructure and minimising cyber risk.
“We also need to hear more about the Government’s plans to protect the public and private sector from the new wave of AI-enabled cyber-attacks, which require a cohesive national strategy.”
Graeme continues, “Mastering AI to drive growth is the right thing to do, but this approach must always go hand-in-hand with the necessary cyber strategy, to ensure the government stays one step ahead of the increasingly lethal cyber threat.”
Kenny MacAulay, CEO of Acting Office, a software platform for accounting practices, adds, “With businesses still reeling from the £25 billion National Insurance increase, the Chancellor has a tough task ahead to win the back trust from the private sector.
“Proposals for a nationwide AI rollout and investment in infrastructure can help kickstart economic growth, but only alongside a clear action plan to get businesses hiring again.
“The industry needs to embrace the opportunities that AI can bring, in terms of centralising technology investment and improving customer service.”
