Is the UK economy ready to pass the AI test?

Artificial intelligence (AI) is poised to transform the UK economy, driving innovation, boosting productivity and creating new industries.

That was the view of Keir Starmer as he launched the UK’s AI action plan earlier this year.

Undoubtedly, the influence of AI across the economy will continues at pace, particularly with the encouragement from government to integrate AI operations across sectors such as healthcare, education, finance, manufacturing and transport.

AI has the potential to significantly boost economic output. A study by PwC estimates that AI could add ￡232 billion to the UK economy by 2030, increasing GDP growth by up to 10%. Despite a fear that AI will take away jobs, research suggests that this growth will be driven not only by the adoption of AI technologies within businesses, but also the creation of entirely new AI-driven industries.

However, to fully realise the potential of AI, education and workforce development will be key and currently the school leavers destined for the graduate positions over the coming decade will not have even covered the basics of AI in their studies as part of the National Curriculum.

When you consider that very few SMEs have a co-ordinated strategy for making the most of the efficiencies AI technologies can deliver, is the UK economy ready for AI?

The KAT team have been at the cutting edge of AI developments for several years, gaining knowledge and leading innovation in its use both within marketing and wider business practices.

Sharing this knowledge has also been a priority, for the KAT team too. In recent months, Julian Read has been leading a series of training course on ‘How to make AI work for you’ through the Let’s Do Business Group and the team also have a regular programme of events to share insights into AI with school children at Essex schools.

If there is genuinely an injection of funding and energy into partnerships between government, industry and academia, there really is a unique opportunity to create a UK ecosystem in which AI thrives.

If you’re worried you’d only score a C- in AI, call the KAT team and we’d be happy to chat about how AI might make a difference for you.