UK Chancellor of the Exchequer reaffirms efforts to enhance Britain's global standing in artificial intelligence

London, Aug 31 (KUNA) -- British Chancellor of the Exchequer Jeremy Hunt affirmed on Monday that the UK is seeking to enhance its global standing in artificial intelligence (AI) through several initiatives, including a £100 million competition aimed at British AI companies to develop and improve public services.

In a statement, Hunt said, "As G20 nations strive to maximize the opportunities offered by AI, I am determined that the UK will play a leading role in harnessing this technology to create more jobs, improve public services, and achieve economic growth that benefits all parts of the country."

He added that the UK "hosts some of the world's most innovative AI companies," reaffirming the current government's support for these firms "to start their operations, expand their reach, and achieve success here in the United Kingdom."

The British minister clarified that this inaugural competition will help ensure that all residents of the UK benefit from the advantages of AI. He also confirmed that the UK will open the AI Economics Institute to foster international cooperation with G7 countries.

According to the statement, this competition is the latest component of the AI Procurement for Research and Development program, which aims to support promising British AI startups, helping them to launch, expand within the UK, and achieve global success.

The competition will give British AI companies the opportunity to develop solutions to challenges facing the public sector, thereby accelerating the growth of strategically important technologies while delivering tangible benefits to citizens. (End) A.S.H / F.S.