PM urges tech leaders at London Tech Week to grasp opportunities of AI

Speaking at the launch of the tenth London Tech Week, the Prime Minister argued that as the “tectonic plates of technology are shifting”, the UK must harness innovation to become the best place for tech businesses to invest and grow, in turn growing the economy and creating jobs.

With world-leading universities, more tech unicorns than France and Germany combined, and one of the most digitally literate societies in the world, the Prime Minister made clear that the UK is starting from a position of strength, outlining how Government will work with businesses to capitalise on the opportunities presented by transformative technologies, such as AI.

From building one of the most pro-investment tax regimes, to committing almost a fifth of our entire capital budget to R&D – the highest level this country has ever seen – and investing record sums in building our quantum capability, the Prime Minister underlined his commitment to creating the right conditions for innovators to thrive.

The Prime Minister told tell tech leaders:

“We must act – and act quickly – if we want not only to retain our position as one of the world’s tech capitals.

“But to go even further, and make this the best country in the world to start, grow and invest in tech businesses.

“That is my goal. And I feel a sense of urgency and responsibility to make sure we seize it.

Already home to the largest tech economy in Europe, he reinforced that the tech sector is at the heart of his priority to grow the economy. Together with Ministers from across Government, responsible for nurturing and attracting talent, driving world-class research and unlocking investment, he set out their shared mission to help the UK’s tech eco-system flourish at the launch of London Tech Week.

Part of this effort is represented by Government’s decision to introduce High Potential Individual, Global Talent and Scale-up Worker visas. These routes are designed to attract the best and brightest global talent and will encourage academics and professionals to share their knowledge, skills and ideas in the UK, and make a positive contribution to the economy.

Following his announcement that the UK will host the first major global summit on AI safety later this year, the Prime Minister will also stress the UK’s leadership as a democratic AI power – already home to top AI labs, including DeepMind.

This has been recognised globally by like-minded countries and partners, who have agreed to work together to mitigate the risks through internationally coordinated action. The UK’s expert taskforce on AI foundation models, backed by £100 million in Government funding, will lead on cutting-edge AI safety in the UK.

During his speech, the Prime Minister outlined the opportunities AI presents as well as the need to ensure its development remains safe and responsible. That includes bringing together academia, leading tech companies and Government to deliver the benefits that will improve people’s lives.

The Prime Minister said:

“Already we’ve seen AI help the paralysed to walk; and discover superbug-killing antibiotics – and that’s just the beginning.

“The possibilities are extraordinary. But we must – and we will – do it safely.

“I want to make the UK not just the intellectual home, but the geographical home of global AI safety regulation.”

The Prime Minister will continue to host key tech businesses and entrepreneurs at Downing Street throughout London Tech Week, while Government Ministers will promote and discuss how we are supporting the UK’s tech sector with stakeholders at events including panel sessions and speeches.

Charlie Bryant, CEO at Zoopla, said:

As one of the first British tech unicorns, Zoopla is delighted to be part of the remarkable growth of London and the UK as the tech capital of Europe. The foundations that have built this leading role include the UK’s position as a global hub for tech talent, the depth of capital and London’s global city status which creates an attractive environment for inward investment. I believe the UK will continue to pave the way when it comes to tech innovation in Europe.

Demis Hassabis, CEO & CO-Founder, Google DeepMind, said:

“AI will play a critical role in shaping the future of our economy and society. I’m looking forward to talking about this with the Prime Minister at London Tech Week.”

Erin Platts, CEO, Silicon Valley Bank UK, commented:

“Embracing the UK’s innovators and investors, and enabling their bold ideas is more important than ever to our long-term economic prosperity. The Prime Minister’s support for the UK’s innovation reflects the government’s commitment to making the UK a global innovation leader. We’re excited for the optimism and ambition demonstrated everyday by our tech ecosystem and we welcome pledges for the UK to become an innovation superpower by 2030. This is a clear vote of confidence for the UK’s tech and life sciences industries and I’m confident we can achieve this through ongoing collaboration between industry and government.”

T S Anil, CEO of Monzo, said:

“As the UK’s biggest digital bank with more than 7.5m customers, we are an example of how technology can improve people’s lives, and drive economic growth. The UK is a top destination for fintech companies and home to some of the most interesting and innovative scaling businesses. That leading position will be maintained by retaining and evolving the UK’s world class regulatory system, as well as helping to attract and develop the best talent, and we welcome policy measures and initiatives that support that.”

Zahra Bahrololoumi, CEO of Salesforce UK&I, said:

“At Salesforce, we recognise the transformative power of generative AI, including its influence in securing and maintaining the UK’s status as a global technology leader. We strongly welcome the PM’s announcement to host a global AI summit this autumn and commitment to make the UK the centre of gravity on AI safety. This is a watershed moment for our industry and it is imperative that AI is developed safely and responsibly, with ethics and inclusivity at the heart. A trust-first evolution is crucial for future success.”

Kristo Käärmann, CEO and co-founder, Wise, stated:

“The UK is where we started our journey 12 years ago to achieve money without borders and make the world’s money faster, cheaper, easier, and more transparent for people and businesses. Connecting directly to the Bank of England and into the UK’s Faster Payments Scheme was one of our first big steps forward in achieving this mission. That enabled us to deliver faster, and cheaper payments for our customers in the UK. That the UK was the first country in which we were able to get there is testament to the forward looking approach of its institutions. Today we serve 16 million people and businesses around the world by building the best infrastructure for the world’s money and the tech that’s enabled us to do that was built here.”