The United Kingdom will take a lead on regulating artificial intelligence (AI), a move that would attract huge investment in the field of technology dominating the discussions across markets. UK
Prime Minister Rishi Sunak was attending the tenth London Tech Week on its first day on Monday when he made the announcement. Rishi Sunak briefed about his AI plans that includes focus on developing AI safeguards, implementing them, investments in computing technology worth £900 million along with quantum technology worth £2.5 billion.
He also said, “AI doesn’t respect traditional national borders. So, we need global cooperation between nations and labs,” said Sunak. The UK will also host the first-ever summit on global AI safety, later this year. “I want to make the UK not just the intellectual home, but the geographical home of global AI safety regulation.”
AI businesses have already started working on regulating and securing artificial intelligence. Demis Hassabis, CEO and co-founder of Google Deepmind, stated that “AI will play a critical role in shaping the future of our economy and society.”
The increasing regulation of AI is taking place worldwide at a time when consumer-oriented goods and enterprise solutions are greatly using machine learning and generative AI. This trend has inspired development of various AI chatbots to lure customers to engage with platforms and businesses. OpenAI’s ChatGPT, Microsoft’s Bing AI chatbot, and the newest Google’s Bard have initiated innovations in this respect.
The tenth London Tech Week’s highlight is AI and its related fields like virtual reality and augmented reality are also on the cards along with climate technology, and banking. The UK would also need India to play a significant role in the development of global AI legislation. According to official data, India exported technology to UK at £20.8 billion at the end of Q4 2022, which is an increase of 35%, or £5.4 billion, compared with 2021.
Sunak expects that academic institutions and AI firms would collaborate to create AI standards and safety measures. He declared, “We’re going to do cutting edge safety research here in the UK.” An estimated £100 million will be spent on an AI task force. IN Europe’s context, the UK draws more investment in technology than France and Germany put together, a position the nation intends to capitalize on.
He added, “We’re dedicating more funding to AI safety than any other government.”
With the announcement that AI firms Frontier Labs, Google DeepMind, OpenAI, and Anthropic will grant priority access to models for research and safety, for evaluations, and to better understand the hazards of these systems, AI businesses have already made headway.
