Jeremy Hunt intends to increase funding for the Alan Turing Institute, an organization dedicated to data science and AI, in order to support the flourishing artificial intelligence industry in Britain. This will entail a two-fold increase in budget allocation.
Even though the chancellor’s ability to provide pre-election gifts is limited due to the state of the country’s finances, it is anticipated that he will reveal a five-year commitment of funding totaling £100 million.
The Treasury announced that funding will be provided to the Turing Institute, which was established in 2015 and named after a renowned computer scientist and mathematician who passed away in 1954. The funds will be used to make new advancements in data science and AI.
The extra funding will be allocated to research in three areas where AI is seen as having an important role to play: transforming healthcare, protecting the environment, and strengthening defence and national security. Treasury sources said the money would have a direct impact on the public through better healthcare and tackling biodiversity challenges.
Ever since assuming the role of chancellor in October 2022, Hunt has consistently expressed his goal of transforming Britain into a leader in science and technology, with the ambition of replicating Silicon Valley’s success. He has also unveiled strategies to utilize Britain’s pension funds in the same way America has done, in terms of translating innovations into profitable ventures.
Hunt is of the opinion that AI presents an opportunity to enhance Britain’s lackluster productivity performance. Recently conducted studies have proposed that incorporating generative AI could contribute up to $4.4tn (£3.5tn) to the worldwide economy on an annual basis.
According to insiders, the chancellor aims to capitalize on the technological advancements to boost economic development and facilitate breakthroughs in various fields such as medicine, aerospace, and climate change. This would have a positive impact throughout the UK. Leveraging previous initiatives and utilizing the country’s exceptional health data sources, Hunt believes that the new funding will empower the Turing Institute to play a crucial role in advancing the health and wellness of the nation.
According to a source from the Treasury, investing in AI technology is a crucial opportunity to boost the economy and create a better future for Britain, as it is home to one-third of Europe’s AI companies.
“We are setting into motion our plan to stay ahead in leading the way technology positively impacts our lives, by supporting the Turing Institute.”
A global ranking of Artificial Intelligence, based on various metrics measuring funding, advancement, and utilization, positioned the UK in fourth position. The US, China, and Singapore held the top three spots, while Canada, South Korea, and Israel followed closely behind.
The Alan Turing Institute receives a significant amount of funding from the government and strives to become the top destination for data science and AI research, partnerships, and professional endeavors. It partners with universities, private companies, and governing bodies to progress cutting-edge research, address both domestic and international issues, cultivate future skillsets, and facilitate meaningful public discourse.
The organization’s initiatives have involved decreasing the environmental impact of the transportation sector, producing a more precise evaluation of the United Kingdom’s well-being in partnership with the Office for National Statistics, utilizing machine learning to comprehend cyberbullying of Premier League players, and utilizing AI to map habitats in the Peak District.
The organization stated: “Our goal is for the Turing to become a globally renowned hub of research and innovation that utilizes data science and artificial intelligence to effectively address some of the world’s most urgent social issues within the next 10 years.”
Source: theguardian.com
