The UK government’s £100m pledge for AI development through its research organisation, The Alan Turing Institute, has been questioned by industry experts who say it may not meet the country’s lofty tech ambitions.
Though he did not directly refer to the investment pledge, UK Chancellor Jeremy Hunt had been expected to announce the funding as part of the country’s 2024 Spring Budget on Wednesday (6 March). Treasury sources had confirmed the investment in advance of Budget Day.
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A potential increase in funding for the UK’s AI industry comes as countries worldwide invest millions to advance in the global AI race.
Isobel Al-Dhahir, principal analyst at research and analysis company GlobalData, said the planned announcement is positive news for the UK’s AI industry.
“Amid fierce international competition for AI leadership, the additional funding promises to fortify the UK’s standing as the world’s fifth-largest AI market, according to GlobalData forecasts,” Al-Dhahir told Verdict.
“Given the significant decrease in private sector funding observed globally in 2023, government funding is expected to be pivotal in sustaining the AI industry,” she added.
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By GlobalDataWhile many industry experts have welcomed increased investment from the UK government, some have questioned whether it is enough to stay ahead of the competition and meet the country’s goals of becoming an AI superpower.
“I personally, given the huge potential benefits of AI to the UK and its people, would have liked to see more than the proposed 100 million spread over five years,” Ed Williams, VP of pen testing EMEA at cybersecurity company Trustwave, told Verdict.
“We know the AI race is heating up, we see Meta and the like spending billions on AI-related hardware, and we cannot get left behind as this arms race speeds up,” Williams added.
Singapore announced in February that it would invest around $743m over the next five years.
Ian LeBruce, marketing director at Singapore-based AI company X0PA AI, told Verdict that he wanted to see the UK follow suit with the same aggressive levels of investment.
“By comparison, Singapore is already recognised as a serious player in the world of AI and given the rich history of tech in the UK, alongside our size and scale, the UK needs to have ambitious targets,” LeBruce said.
