A report released by Google says AI could contribute up to £400bn to the UK economy by the end of 2010.
Artificial intelligence has the potential to significantly boost long-slow productivity, the report said.He also mentioned the possibility of Open the door to new ways of working and help job seekers return to work.
Statistics from the National Institute of Economic and Social Research show that between 1974 and 2008, UK productivity grew at an average annual rate of 2.3%, well above the 0.5% growth in 2008-2020.
The economic boost brought about by AI could equate to 2.6% annual growth and generate an additional £200bn in revenues for public services. This could help overcome the recent slowdown in growth and improve macroeconomic conditions.
While this news sounds positive, the implications for small businesses are less clear.
Where are the AI startups?
According to data from Science, Innovation and Technology Department According to (DSIT), 88% of the UK AI business population consists of small (10-49 employees) or micro enterprises (1-9 employees).
However, despite making up the majority of the AI business population, small and micro enterprises only account for 28% of the economic contribution of AI, with 71% being generated by large enterprises.
This suggests that funding and trust are skewed toward large incumbents with low investment risk.
“If AI is projected to bring billions of dollars to the UK economy, why aren’t our start-ups and small businesses getting the funding they need to take their businesses to the next level? asks FundMyPitch CEO Steven Mooney. “In stark contrast to other markets, it is repeatedly reported that UK entrepreneurs struggle to secure access to reliable funding and even independent valuations.”
As a result, UK start-ups with cutting-edge AI products are Find funds elsewhere. Others, such as Autonomy, DeepMind and SwiftKey, have been acquired by US tech giants like Google and Microsoft.
“Failure to get ahead of AI will have disastrous consequences for the economy, so giving full financial support to the up-and-coming companies that are pioneering the development of this technology is a top priority. It should be a matter,” Mooney added.
Putting AI in the hands of everyone
According to Salesforce research, 1 in 10 workers worldwide have in-demand artificial intelligence skills. As AI continues to grow, employers need to think about upskilling their employees.
“This is the most significant platform change we have ever seen,” emphasizes Debbie Weinstein, Google’s managing director for the UK and Ireland. “We are very conscious of the impact this technology will have on people. Obviously some jobs will be lost, but it will also create entirely new jobs.”
A Virgin Media survey found that 21% of respondents said they needed digital skills to get higher paying jobs, and 31% believed they were denied promotions due to lack of digital skills The data show that.
Paramjit Uppal, Founder of AND Digital, said: “British organizations are still not doing enough to upskill their workforce, which has a direct impact on business and broader economic growth.”
Democratizing the growth of AI requires very conscious choices. AI can undoubtedly improve productivity, but it is most important to spread the benefits through upskilling so that businesses of all sizes can participate in the UK’s economic growth.
