The UK Chancellor of the Exchequer, Rishi Sunak, has announced a new £100 million fund to support the development of safe artificial intelligence (AI) technology. The investment is part of the government’s commitment to ensure that AI technologies are developed responsibly and ethically.
The fund will be used to finance research projects in areas such as data privacy, algorithmic fairness and transparency. It will also provide funding for initiatives aimed at developing ethical standards for AI applications and ensuring that they are implemented across all sectors. Additionally, it will help create an environment where businesses can develop innovative solutions without compromising on safety or security concerns.
Speaking about the announcement, Mr Sunak said: “We want Britain to lead the world in Artificial Intelligence so we can reap its economic rewards while protecting our citizens from potential harms.” He added: “This new £100 million fund will help us do just that – by supporting cutting-edge research into how we can use this powerful technology safely and responsibly.”
The money allocated for this project comes from existing funds set aside by HM Treasury for innovation investments. This includes funds from both public sector organisations such as Innovate UK and private investors like venture capital firms. The government hopes that these investments will enable British companies to become global leaders in developing responsible AI technologies which could have far reaching implications not only within Britain but around the world too.
Mr Sunak’s announcement follows other recent efforts made by his department towards promoting ethical practices when it comes to using AI technology including launching a consultation on proposed changes to regulation surrounding automated decision making systems last year . These measures demonstrate how seriously he takes issues related to data protection and privacy when it comes to using advanced technologies like AI .
In addition , Mr Sunak has emphasised how important it is for businesses operating with these kinds of technologies adhere strictly with regulations designed protect consumers’ rights . He believes that if done correctly , investing in safe AI technology now could bring great benefits later down line – both economically and socially – allowing people access services more quickly whilst maintaining their right s privacy .
Overall , this latest move demonstrates Mr Sunaks commitment towards creating an environment where businesses feel comfortable investing in emerging techologies like artificial intelligence without having any worries over safety or security concerns . It also shows his dedication towards ensuring that all users benefit from advances made through technological developments while still being protected under relevant laws governing data protection & privacy . |Rishi Sunak unveils new £100M fund for developing ‘safe’ AI technology|Technology|Daily Mail