A call for increased investment following AI summit

By investing in AI, the UK government can help UK businesses stay ahead of the curve and compete in the global economy
By investing in AI, the UK government can help UK businesses stay ahead of the curve and compete in the global economy
The AI Safety Summit was undoubtedly a remarkable achievement, however, there is a call from businesses for greater AI investment from the government

The AI Safety Summit at Bletchley Park in November this year was considered a major success. It brought together leaders from government, industry, academia, and civil society to discuss the challenges and opportunities presented by AI. The Summit resulted in the adoption of the Bletchley Declaration, which outlines a set of principles for ensuring safe and beneficial AI development and deployment.

However, the question is now whether or not enough was done at Bletchley Park, and it is a complex one with no easy answer. The Summit was undoubtedly a remarkable achievement, but according to a study conducted by Zoho, 43% of UK businesses have called for increased AI investment from the government. 

The importance of AI in today’s digital world

The study demonstrates how businesses are beginning to recognise the true impact and importance of AI along with the need for more government support for its development.

The UK government has already made some investments in AI, but there is still more that can be done. For example, the government could provide additional funding for AI research and development, as well as create tax incentives for businesses that use AI. It could also invest in education and training to ensure that there is a skilled workforce available to work in AI.

Sachin Agrawal, Managing Director, Zoho UK says: “The AI Safety Summit was a great starting point for addressing AI and the concerns that surround it. Bringing together the best intelligence and influencers from around the world was highly commendable and provided an opportunity for much needed conversations to be had. 

“We are looking forward to seeing how they progress in the coming months and years as developing technology continues to present both benefits and risks.”

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The transformative potential of AI 

AI has the potential to transform a number of industries, from healthcare to manufacturing to finance. By investing in AI, the UK government can help UK businesses stay ahead of the curve and compete in the global economy.

From the survey, 46% of UK respondents called for increased regulation from the government to protect businesses from the threat of AI. Similarly, 39% wanted more regulation to ensure AI’s safe development, a common concern raised throughout the Summit.

Agrawal added: “AI has been highlighted as a key priority, proving itself as a useful tool to assist in key business areas such as customer service, fraud detection or the provision of fast in-depth insights to help businesses make quick decisions and remain agile. It clearly has an important role to play for businesses - however, fears around bias, job loss and data protection remain.

“Zoho has been a longstanding advocate for trustworthy AI. As the risks are made abundantly clear, the implementation and use of safe AI must become a priority for all stakeholders. Not only does this involve proper policies and guidance, but business training to ensure staff can operate the technology in a responsible way and only then can customer data be kept safe, and trust be built.

“The Safety Summit has provided a good basis for AI development; however, a concerted and continuous effort between government, industry and academia is needed to further understand and implement the business applications of AI. Another positive step has been the £500m (US$633m) AI funding announced in the Autumn Statement, and we hope to see more guidance more around how this will be deployed and the impact this investment will have on businesses.”

Addressing the ongoing skills shortage

Addressing the ongoing skills gap emerged as another critical business concern during the Safety Summit, with 30% of survey participants advocating for government-sponsored training programmes and guidance to empower the workforce with a deeper understanding and effective utilisation of AI.

Following widespread industry concerns, the Government pledged a £118m (US$238m) boost to AI skills funding, aiming to address the necessary skills deficiency.

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