“Our particular strengths as a country lie in areas like life sciences, financial services, the defense sector and the creative sector. And where we will really lead the world is where we can harness the power of AI,” Kendall told the Financial Times.
The plans come as part of a wider AI package designed to upgrade Britain’s tech infrastructure and convince entrepreneurs and investors that Labor is supporting the sector ahead of next week’s budget, which is expected to increase taxes on the wealthy.
The UK has sought to attract investment from US AI companies such as OpenAI and Anthropic.
The government has signed a number of “strategic partnerships” with US groups to attract foreign investment in UK AI infrastructure and talent in exchange for the adoption of their technology in the public sector.
Sue Daly of lobby group TechUK said the plan showed “genuine ambition” but warned: “Such advanced market commitments must be carefully designed to avoid inadvertently distorting competition.”
The government also announced that James Wise, a venture capitalist in Balderton, will chair the government’s £500 million sovereign AI unit, which has been set up with the British Business Bank to support AI startups.
Additional reporting by Evan Levingston.
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