A new report from Google suggests that the UK Artificial Intelligence sector will add £400bn to the nation’s economy by 2030.
Google’s first economic impact report in the UK for three years found that the UK Artificial Intelligence industry could ‘turbocharge’ the country’s economy.
Although the report identified that some UK jobs would be lost due to AI, it will also open up a range of lucrative job opportunities, improve workplace productivity, and help people get back to work in the wake of the COVID-19 pandemic.
Google’s UK and Ireland Managing Director, Debbie Weinstein, says that AI technology will drive the most profound change we have ever experienced.
She explained: “This shift that we’re going through is the most profound platform shift that any of us have lived through.
“We are very conscious of the impact that this technology will have on people.
“Clearly, there will be some jobs that will be lost, but also a whole new set of jobs that will be created.”
How will UK Artificial Intelligence technology benefit the economy?
Google’s report estimates that the economic boost from AI in the UK would be equivalent to annual growth of 2.6%.
This would add around £200bn in extra revenue for public services and £400bn to the economy as a whole by the end of the decade.
Google also stated that although some jobs may be lost, they believe the economic benefits and improvements to people’s daily lives outweigh the negatives.
Is the UK doing enough to capitalise on the AI revolution?
Weinstein explained that a nationwide transition to using AI technology will require a significant amount of training. That is why Google is focusing on upskilling workers ahead of the technological shift.
She said: “We want to make sure everyone has the skills they need. We’re aware that this is a fundamental technology shift that will impact all of our lives.”
However, some UK technology experts have expressed that more government support is needed to fully capture the benefits of AI.
This was reinforced by Steven Mooney, CEO of FundMyPitch, who said: “If AI is projected to bring billions to the UK economy, then why on earth aren’t our start-ups and SMEs getting the funding they need to take their businesses to the next level?
“Time and time again, reports show that UK entrepreneurs struggle to secure access to credible funding or even an independent valuation, in stark contrast to other markets.
“A failure to get ahead of the game on AI will have disastrous consequences for the economy, so giving full financial backing to up-and-coming companies that are pioneering developments in this technology should be a top priority.”
The UK Government recently announced it would provide several UK universities with £54m in funding to develop trustworthy AI research to boost the economy. However, notable voices in the sector believe this investment is insufficient to realise AI’s potential fully.
