In a bid to secure Britain’s position as a “world leader” in tech and innovation, Chancellor Phillip Hammond has revealed his funding plans to help tech in the UK.
“A new tech business is founded in Britain every hour, and I want that to be every half hour,” said Hammond to the BBC.
According to the BBC, Hammond’s tech spending will go towards:
- £75million for artificial intelligence
- Regulatory changes for on-road driverless car testing
- £400million for electric car charge points
- £100million to boost clean car purchases
- £160million for 5G mobile networks
- £100million for an additional 8,000 fully qualified computer science teachers supported by a new National Centre for Computing
- £76million to boost digital and construction skills
A new report, Organisation for Economic Co-operation and Development, found the UK is in decline in terms of artificial intelligence and scientific research.
From 2010 to 2015, the UK accounted for 1.9% of AI-related patent applications, according to the OECD Science, Technology and Industry Scoreboard; suggesting 70% of AI technological development is in Japan, Korea, Taiwan and China.
Darren Roos, president of the cloud division of technology company SAP, said to the BBC: “Let’s be clear, this pledge from the government today is a step in the right direction but the UK is in a global race when it comes to the adoption of AI technology, and it cannot afford to lose.
“While today’s pledge is an excellent start, other countries are investing far more in AI.”
Some of the money will also go towards an advisory body to remove barriers to AI development.
Written by Leah Alger