HOUSE OF LORDS Select Committee on Artificial Intelligence Report of Session 2017–19 AI in the UK: ready, willing and able?

Media Release

AI is a key driver of future growth. We need to harness its value whilst fully understanding its impact on consumers

–         AI creates a new business landscape rejuvenating our nation
–         We need to put AI on a fast growth track to build leadership

London, BST, 16^th April 2018

According to the report published today by the House of Commons Select Committee on Artificial Intelligence (AI), half the 1200 AI start-up companies in Europe are in the UK. IORMA welcomes the report as it acknowledges this highly successful sector in the UK economy and the need to encourage it. IORMA supports and encourages these agile and dynamic companies, many of whom harness disruptive technologies to create world beating products for a discriminating consumer.

“ I welcome the suggestion in the report that a proportion of the £2.5bn investment fund at the British Business Bank should be reserved as an AI growth fund for SMEs with a substantive AI component” stressed John Andrews, IORMA’s Chairman. “ This single move could protect the UK’s lead and build stronger companies capable of winning more business for the UK post Brexit. But there needs to be private-public advisory guidance to ensure a balanced portfolio of investments and that they are at the sharp edge of innovation to ensure AI is life enhancing for citizens and a tangible driver of economic growth.”

He added, “The three most important areas of AI led growth are likely to be

• Intelligent automation – improving production and logistic processes, using machines to fulfil routine, repetitive work
• People and process enhancement – supporting existing technologies with increased precision – robots, automated surgery, situation simulation
• Innovation optimisation – using machines to combine strands of innovation to increase innovation potential – driverless cars, IOT and SMART cities.

AI creates a new business landscape rejuvenating our nation.”

The House of Lords Select Committee, chaired by Lord Clement-Jones concluded that the UK is in a strong position to be among the world leaders in the development of artificial intelligence during the twenty first century.

For more information contact IORMA’s Media Office – [email protected]

Note to Editors

IORMA: The Consumer Commerce Centre – foreseeing future trends … whilst … recognising today’s realities. The IORMA Consumer Commerce Centre is a neutral resource for Businesses and Governments that recognise the need to understand and respond to the ways in which the 7.5 billion global consumers are changing – in the products and services they want and need, and the ways they want to obtain them.

These changes are happening globally, driven by developments in society, in business and in technology. The changes are important not only for all those dealing direct with consumers, but for Businesses at all places in supply networks and for Governments and Academia in preparing for the future associated societal and economic impacts of these changes.

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