Rachel Reeves urged entrepreneurs developing new Artificial Intelligence products to build in Britain, presenting the UK as a place willing to support experimentation and company growth. Speaking at the annual Mais Lecture at Bayes Business School in London, she said the government wants to help founders bring products to market and expand domestic Artificial Intelligence businesses.
The Chancellor announced plans to create an Artificial Intelligence economics institute and a £500 million fund for starting and scaling Artificial Intelligence start-ups in Britain. The institute will monitor how the technology affects the UK’s productivity and jobs markets. Reeves said the initiative formed the second of three “big choices” in her speech and set out an ambition for the UK to achieve the fastest take-up of Artificial Intelligence in the G7.
Reeves said scaling British Artificial Intelligence companies is important to avoid excessive dependency on other countries for new technologies. She argued that the UK should not retreat from investing in Artificial Intelligence despite public anxiety around the technology. In her view, stepping back would leave the development of the industry to countries whose values may differ from those of the UK.
Her remarks came during a period of international instability, with the UK facing rising energy prices and economic shocks linked to the US-Israel war with Iran. Reeves said she hopes greater investment in Artificial Intelligence will strengthen the country’s resilience against those global pressures. The message combined economic policy with a broader push to position Britain as a competitive home for emerging technology businesses.
