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At a time when most businesses are talking about leveraging artificial intelligence( AI) to grow themselves, the United Kingdom is looking at riding the AI wave to boost their economy. The goal is clear: make the UK the number one destination for tech companies and talent. And not just that, it also wants startups across the world working on AI, quantum computing and other newer technologies to migrate to the UK as it wants to become the “Unicorn Kingdom”.

On the sidelines of the London Tech Week 2023, UK’s Trade Commissioner for South Asia and British Deputy High Commissioner for Western India– Harjinder Kang in an interview with Debashis Sarkar, Editor– Technology, News18 said, “The UK is now focusing on becoming the centre of gravity when it comes to development and regulations around Artificial Intelligence..Prime Minister Sunak is very clear on this that he wants UK to become pivotal in AI.”

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Having said that, Kang also stressed that it is just not about AI for the UK. “The UK is also very much at the forefront of other technologies as well considering green technology, and renewable energy. The UK was even a key player in using technology to help the world during the pandemic,” said Kang.

“I think the two countries– India and the UK can work together in a collaborative manner to solve some of the world’s problems. As the new trade commissioner for South Asia, I would be helping many companies that I can towards achieving this goal,” added Kang.

Apart from focusing on attracting top talent to the UK for realising its own tech ambitions, the UK is also keen on becoming a hub for regulations, especially around AI. “AI has the power to do amazing things, however, it also has the capabilities to create unintended consequences. It is always in the interest of the entire world, in certain ways, to make sure that these new technologies are used in a proper manner. With AI, we have to make sure that there is no room to abuse. We want to develop AI fast but do so in a responsible manner,” stressed Kang.

At the keynote address of the London Tech Week, Prime Minister Rishi Sunak explained why the UK is one of the best places in the world to start a tech business. He claimed that in the last decade the UK has created 134 tech unicorns – more than France & Germany combined.

He also said that the UK is the “most digitally literate society in the world …with 97 per cent of the population using the internet, and one of the highest average daily minutes of internet use per individual.”

As far as financial support is concerned, the Prime Minister claimed that the UK has the lowest corporation tax in the G7. “The 25% corporation tax rate in the UK is the lowest in the G7 and 4th lowest in the G20. This is designed to facilitate more inward investment for businesses, helping them to flourish,” he added.

“We have one of the most generous capital allowances regimes in the OECD. We have introduced full-expensing for qualifying business investments in main plan and machinery for three years – a tax cut worth £27 billion,” said Prime Minister Sunak.

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The UK is also said to be increasing its R&D investment by £5 billion, reaching £20 billion per year by 2024/25. “We’re changing how we do things – with a new Advanced Research and Invention Agency focussed on high-risk, high-reward research,” he added.