“UK companies are continuing to lose significant AI talent to US rivals, while our AI start-ups don’t have access to the massive amounts of risk capital available across the Atlantic,” says Alexandra Mousavizadeh, co-founder of Evident Insights, which analyses the AI sector.
Robinson calls it a “once-in-a-generation shift” towards AI, and points to data suggesting proper investment in generative AI could add 1.2 per cent to UK productivity, unlocking £31 billion in GDP a year: a handy sum for a government in a tight fiscal bind.
And while the UK’s recent pronouncements on AI are welcome, they need more heft behind them – and firm commitments to improve the infrastructure in which the AI Opportunities Plan is expected to be rolled out.
“Having an AI strategy is certainly better than nothing, but unless these structural shortcomings are remedied, there’s no hope of Britain becoming an AI superpower,” says Mousavizadeh.
While the Government talks the talk, the industry remains concerned it won’t yet walk the walk – and that the lack of support for businesses could signal the death knell for Silicon Roundabout, London’s major tech cluster centred around Old Street.
