Jeremy Hunt intends to increase funding for the Alan Turing Institute, the national organization for data science and AI, in order to support the expanding artificial intelligence industry in Britain.
Despite facing limitations due to the budget deficit, the chancellor is anticipated to declare a five-year monetary provision of £100 million.
The funds from the Treasury will enable the Turing, established in 2015 and dedicated to the memory of the late computer scientist and mathematician who passed away in 1954, to continue making progress in the fields of data science and artificial intelligence.
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 taking office as chancellor in October 2022, Hunt has consistently expressed his goal of transforming Britain into a leading force in science and aspires for it to become a thriving hub for tech innovation like Silicon Valley. He has proposed utilizing Britain’s pension funds to replicate America’s achievement in translating groundbreaking ideas into profitable ventures.
Hunt holds the belief that AI presents an opportunity to enhance the low productivity levels in Britain. Recent studies have indicated that implementing generative AI could potentially contribute $4.4tn (£3.5tn) to the overall global economy on an annual basis.
According to reports, the chancellor’s intention is to utilize advancements in technology to stimulate economic advancement and facilitate breakthroughs in fields such as medicine, aerospace, and climate change. The aim is for all regions of the UK to reap the benefits. Leveraging previous initiatives and the UK’s distinctive health data sources, Hunt believes that the increased funding will enable the Turing to play a significant role in improving the nation’s health and overall wellness.
According to a source within the Treasury department, investing in pivotal AI technology is a crucial opportunity for the UK to boost its economy and create a brighter future for the country, especially considering its large number of AI companies in Europe.
“We are supporting the establishment of the Turing Institute as part of our goal to stay at the forefront of guiding the positive impact of technology on our lives.”
A global ranking of artificial intelligence, determined by various measures of investment, creativity and application, positioned the UK as the fourth leading country, following the US, China, and Singapore and narrowly beating Canada, South Korea, and Israel.
The primary source of funding for the Alan Turing Institute comes from the government and its ultimate objective is to become the leading institution for data science and AI research, cooperation, and commerce worldwide. It partners with educational institutions, businesses, and governing bodies to promote top-notch research and utilize it to address both domestic and international issues, cultivate capabilities for the future, and encourage an enlightened discourse among the public.
One of its notable projects involved decreasing the environmental impact of the shipping sector, creating a more precise understanding of the UK’s well-being in partnership with the Office for National Statistics, utilizing machine learning to analyze instances of online harassment towards Premier League soccer players, and applying AI to map habitats in the Peak District.
“In the next 10 years, our goal for the Turing institute is to establish it as a renowned hub for cutting-edge research and innovation in the fields of data science and artificial intelligence. We aim to utilize these technologies to address and solve some of the world’s most critical societal problems.”
Source: theguardian.com
