Chancellor sees bright future for Britain’s world-leading innovative industries
Friday September 23rd, 2016
Some of Britain’s cutting-edge ‘disruptor’ companies and leading academics met with the Chancellor to explore how new technologies are contributing to the UK economy.
The event was part of a series of roundtables the Chancellor, Philip Hammond, is having with a cross section of British industries in the lead up to his first Autumn Statement.
Representatives included Razwan Ghafoor, Co-Founder of ThirdEye and Jessica Butcher, the Co-Founder of Blippar.
The UK is already a global hub for Artificial Intelligence (AI), with Google basing its AI functions in London. New AI applications are rapidly emerging in areas as diverse as transport, manufacturing and health – where new technologies could lead to rapid diagnosis and more innovative, personalised treatments.
Britain has also led the development of advanced chip technology, which will be supplying a global market worth £125 billion by 2025, and is the biggest market in Europe for online retail, underpinned by sophisticated and rapidly developing technology driven by trends such as mobile shopping.
In transport, the government has championed the technology behind driverless cars, providing £100 million for R&D investment, and Volvo recently announced that it will start testing its driverless technologies in and around London in 2017.
The Chancellor said:
“Britain is a world-leader in innovative industries and today I met with some of our brightest technology pioneers.
We discussed the great potential offered by developments in artificial intelligence, bio-tech, med-tech, robotics, driverless cars and virtual reality.
The UK is in prime position to lead the way and capitalise on the results thanks to our tech-friendly environment, highly-skilled workforce, top-ranked academic institutions, and our superb research and development sector – which already contributes more than £30 billion to the UK economy.”
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