Budget 2023: Boost for Britain's 'incredibly fast moving' AI tech sector

The Chancellor announced an “AI sandbox” to increase support for artificial intelligence businesses, as well as a “quantum strategy” to support the future of computing.

Jeremy Hunt said the initiative would see the trial of “new, faster approaches” to help innovators get cutting-edge products to market, while working with the Intellectual Property Office to provide clarity on IP rules. Artificial intelligence is seen as a key field of technology where the UK could lead the way over the coming decades. The Chancellor also announced a new £1 million annual prize for AI research.

Lauren Wilson-Smith, founder and chief executive of ID Crypt Global, said: “AI is an incredibly fast moving sector and one that holds huge potential for the future with regard to how we live and work. The proposed ‘AI sandbox’ will no doubt help accelerate the growth of the sector and provide a much needed platform for many innovators. Of course, while the increased speed of innovation is a positive, we must make sure that we don’t jeopardise the security and safety of the nation in the process.”

Malcolm Seagrave, chief growth officer at xDesign, added: “[The] Budget underlines how technology investment remains core to the government’s growth plans - from the £1m annual Manchester Award for ground-breaking AI research to investment in a supercomputer - and how it is now leaning on the sector to lead the country’s economic recovery. This is great news for Britain’s tech workforce, one of the world's most skilled - but historically the sector has been too focused on London and the south east.”