How will the UK tech industry weather the Brexit storm?
The creation of jobs and the raising of living standards are goals of a government boost of a £1bn tech investment, areas included are AI and robotics.
In light of the recent confirmation of government support for tech from the UK Chancellor of the Exchequer, Philip Hammond, Business Secretary Greg Clark has made this most recent investment announcement.
The time scale for the spending is intended to be spread across the coming four years, in which time the money will be used in six areas with the intention of tackling and easing industrial challenges. The move aims to secure world-leading status for the UK in innovation.
The Industrial Strategy Challenge Fund (ISCF) is the source of the funding, through which the Government will work to bring the reality of innovative projects into line with the research produced in the UK.
Healthcare and medicine, clean and flexible energy and robotics and artificial intelligence (AI) are set to be the first three recipient areas of the funding.
Robotics and artificial intelligence will be receiving an investment of £93 million from the total figure across the four years. Plans linked to the use of AI include space and deep mining, off-shore energy and nuclear energy. These projects are set to be benefitted by AI through the ability to explore inhospitable areas and destinations.
AI was recently included as one of the areas of innovation that will help to maintain the UK’s position as a leader in global technology, despite possible damaging impacts of the Brexit process.