UK pledges nearly $125M to create ‘safe AI’ taskforce

The United Kingdom is buckling down on its efforts to ramp up the country’s technology sector. Officials released an announcement for funding of a new artificial intelligence (AI) task force. 

According to the announcement on April 25, the U.K. prime minister and technology secretary will be doling out 100 million British pounds ($124.8 million) in initial funding to support a task force that will accelerate the country’s AI readiness.

Prime Minister Rishi Sunak said that AI provides many opportunities for economic growth and advancements in healthcare and security.

“By investing in emerging technologies through our new expert taskforce, we can continue to lead the way in developing safe and trustworthy AI as part of shaping a more innovative UK economy.”

The task force is set to “ensure sovereign capabilities,” which include public services, along with fostering broad adoption of “safe and reliable foundation models.” This coincides with the UK’s commitment to becoming a science and technology superpower by 2030.

According to the announcement, the first pilots of AI usage and integration will target public services and are expected to launch in the next upcoming six months. Legislators in the U.K. have already designed an investment of 900 pounds ($1.1 billion) into computing technology.

Related: UK uses Love Island star to warn finfluencers on crypto and investment schemes

Officials in the U.K are simultaneously pushing for “safe AI,” which means regulating the technology to “keep people safe” without limiting innovation. 

Michelle Donelan, the country’s science, innovation and technology secretary, said that if “developed responsibly,” AI can transform every industry.

“This will ensure that the public and business have the trust they need to confidently adopt this technology and fully realize its benefits.”

This development comes shortly after the U.K. Treasury decided to resurrect its Asset Management Taskforce with a renewed focus on developing crypto regulation. The news included that Brian Armstrong, the CEO of Coinbase, would help advise regulators on law and taxation between banks and the fintech industry. 

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

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Written by Savannah Fortis on 2023-04-26 11:15:55.

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