MPs have warned that the Prime Minister’s global AI ambitions could be at risk unless new AI regulation laws are introduced in November.
Failure to introduce new legislation in the King’s Speech on November 7th would postpone regulations from becoming law until 2025, which would see the UK “being left behind” the EU and other counterparts, according to the Commons Technology Committee.
AI development
The government has previously introduced several measures to cement the UK’s position as an AI pioneer, introducing a £54 million investment for the secure and trustworthy development of AI and a £100 million initial investment in a task force for the safe development of AI.
This comes ahead of the international AI summit due to be held at Bletchley Park in early November.
AI regulation and adoption
Regulation could be important to develop widespread trust and promote further adoption of AI tools"
Sridhar Iyengar, Managing Director for Zoho Europe, commented, “Taking a global lead in the AI race is a vital part of the UK’s aim to become a Tech Superpower and November’s AI summit will play a key part in this.”
“There has been some concern expressed by consumers and businesses around trust and safety when it comes to AI. Regulation could be important to develop widespread trust and promote further adoption of AI tools to drive business success. However, this cannot come at the expense of innovation. Taking the lead on R&D in the AI space can help to cement the UK as a global tech hub.”
Role of AI in business
“AI can add significant value for businesses. For example, it can help increase efficiency and accuracy in projections forecasting, fraud detection, and sentiment analysis. However, collaboration between business, government, and industry experts is necessary to ensure its success."
"This can help to strike the right balance when introducing safe regulations and guidance for the development of truly innovative AI solutions that can play a central role in business growth.” Sheila Flavell CBE, COO of FDM Group, commented, “The UK’s approach to the Global AI Safety Summit and legislation will not only widely better the position of the UK as a Tech Superpower, but has the potential to affect the day-to-day lives of working people."
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