Chancellor Rachel Reeves has unveiled a landmark £2.5billion funding package for artificial intelligence and quantum technologies, setting out the Government’s ambition for Britain to outpace all other G7 nations in AI adoption.
The announcement, made during her annual Mais lecture school at the Bayes Business School in the City of London, represents the largest investment of its kind in UK history.
The funding aims to anchor the world’s most promising AI and quantum firms in Britain, ensuring they establish, expand, and thrive domestically. Britain already holds a leading position in Europe for both talent and investment in these sectors.
Since 2020, the country has produced more AI startups per capita than any other European nation, while ranking second globally for quantum companies.
The Chancellor has pledged to invest billions in AI
|
GETTY
Acknowledging growing anxiety over the economy, the Chancellor said: “People aren’t asking for the world, just a chance to build a good life, to choose how and where they wish to live, in a place where they can feel safe and proud of their neighbourhood.”
The package includes a £500million Sovereign AI Fund scheduled to launch in April at Wayve, providing British companies with access to capital, computing resources, and additional support to compete on the global stage.
Quantum technologies will receive £2billion in funding, featuring an unprecedented procurement programme worth up to £1billion to acquire commercial-scale quantum computers.
This procurement initiative will enable companies to demonstrate market demand for their services, attract further investment, and advance their technological development.
The AI start-up, Perplexity, competes with OpenAI’s ChatGPT, which is used by millions of Britons | GETTY
Technology Secretary Liz Kendall has backed the reforms
|
PARLIAMENT TVAn additional £13.8million will bolster the UK’s five National Quantum Research Hubs, giving researchers in healthcare, clean energy, and national security early access to cutting-edge technology.
A further £12million will establish a dedicated commercialisation skills centre, helping quantum researchers translate laboratory breakthroughs into practical applications.
During her Mais lecture on Tuesday afternoon, Reeves outlined three principal opportunities for driving economic growth: artificial intelligence and innovation, strengthened ties with Europe, and development across all regions of Britain.
The investment forms part of the government’s modern Industrial Strategy, which designated digital and technology sectors as one of eight high-growth areas essential for long-term economic renewal.
THIS IS A BREAKING NEWS STORY…MORE TO FOLLOW
Rachel Reeves is attempting to bolster the UK economy
|
RACHEL REEVES / LINKEDINPlease write at least 4 paragraphs