UK’s Economy set to Turbocharge with AI, Anticipates £400 Billion Boost by 2030, Google Reports

A recently released report from tech heavyweight Google reveals that artificial intelligence (AI) could add an impressive £400 billion to the UK’s economy by 2030. This marks the first analysis of its kind from Google in the last three years, where it indicates AI’s potential to enhance the country’s productivity, long been experiencing a decline.

The forecasted economic escalation from AI integration could mirror an annual growth of 2.6%, and generate an additional £200 billion for public services, effectively reversing the recent slowdown in growth. However, these figures do not factor in the potential job losses and impact on certain businesses.

While acknowledging the potential loss of jobs in various sectors due to AI integration, Google asserts that the economic benefits and the enhancements to daily life will far exceed the negative implications. The tech giant has also emphasized the importance of regulatory measures in the report, advocating for a balanced approach that fosters rather than stifles innovation.

Debbie Weinstein, Google’s UK and Ireland Managing Director, emphasised the profound shift that the society is undergoing due to AI. She acknowledged that while certain job losses are inevitable, there will also be new opportunities created. Weinstein stressed that Google’s focus is on “upskilling” workers to leverage the benefits of AI and ensure their preparedness for this fundamental technological shift.

However, these projected benefits have raised concerns among entrepreneurs, especially regarding funding for start-ups and Small and Medium Enterprises (SMEs). Steven Mooney, CEO of FundMyPitch, questions the lack of financial backing to companies pioneering in AI, considering its potential economic contributions. He warned that failure to prioritize AI could have catastrophic impacts on the economy.

Joining the discourse, Chris Downie, CEO of digital trust and safety platform Pasabi, appreciated Google’s proactive initiative to work with the government on AI regulation. While commending the efforts for a national skills agenda and the UK Research Cloud, Downie also warned about the potential misuse of AI technology by cyber criminals, emphasizing the importance of harnessing fraud detection technologies.