As artificial intelligence (AI) continues to dominate different sectors of life, the UK government has continued to support its advancement in the country. In February 2024, the government announced its commitment to spend over £100 million in the sector in an effort to support AI-related research and training fields.
This was welcomed as good news for many businesses after a 2023 report showed that despite 78% of UK companies planning to invest in AI, 73% felt unprepared.
Artificial Intelligence in Action
As AI continues to take centre stage in the UK’s economy, many businesses are already benefiting, mainly because of the growing importance of big data. In online entertainment, for example, it’s become crucial to understand players’ behaviours as they interact with gaming platforms. In sectors like the casino industry, you’ll often find multiple game variations, especially in the slot category, which usually has varying themes.
Different players will be attracted to games with different slot themes. For example, players who love plushie themes might be drawn to games with stuffed animals, such as Fluffy Favourites. By monitoring such tastes and preferences, AI leverages sophisticated algorithms to derive meaningful information that helps to understand players more. This way, businesses can enhance their connection with players by tailoring recommendations that match their preferences.
Source: pexels
The Allocation of the Funding
The government announced that £90 million of the funding was to facilitate the establishment of nine research hubs across the country. Another £19 million was to support 21 projects aiming to create trusted and responsible AI solutions for bolstering productivity. £2 million was to facilitate the establishment of reputable AI in sectors like education and policing.
Besides this millions-pound investment, the government committed another £10 million to upskill regulatory bodies and offer them the necessary tools to ensure a safe environment for AI innovation. Niamh Kingsley, head of product innovation and artificial intelligence at Delta Capital, welcomed this idea, stating that it could spark more growth as the UK’s AI market needed such a balance of innovation and safety.
Other critical players in the market, including Charlie Thompson, also supported this move, stating that the country’s commitment to a context-based AI regulation could positively impact the industry. Executives in leading AI companies like Microsoft and Google are also committed to partnering with the government to ensure it achieves its goals of being a global leader in AI research and leads the way in setting proper regulations.
Government’s Focus on Innovation Centres
In November 2023, through a statement by Chancellor Jeremy Hunt, the government pledged to spend £500 million in creating innovation centres that could help them make the most of AI. As it aims to establish a world-leading AI ecosystem, the UK’s government seeks to create a conducive environment for developing new AI foundation models for programmes like AI-powered chatbots.
Looking ahead, AI will form a critical part of daily living. As such, different governments, including the UK, are preparing themselves to benefit from this technological advancement maximumly. AI promises greater efficiencies for multiple sectors, so we expect to see more government investments in the future.
