Asked by: Baroness Alexander of Cleveden (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what steps they are taking to support technological innovation.
Answered by Baroness Lloyd of Effra - Baroness in Waiting (HM Household) (Whip)
The Digital and Technologies sector plan, part of the government’s Modern Industrial Strategy, aims to make the UK the best place in the world to start and scale a fast growing technology business.
The plan focuses on six frontier technologies - Advanced Connectivity Technologies, AI, cyber, engineering biology, quantum and semiconductors - where the UK has comparative advantage. We will take a cross government approach to developing these frontier technologies to grow including through, skills programmes, improving access to finance, support with energy costs and leveraging international opportunities.
Targeted R&D investment will also be critical to driving innovation and incentivising private sector investment in these technologies. That is why in this SR, £58.5 billion is allocated for DSIT to invest in R&D, including funding for UK Research and Innovation (UKRI) and Innovate UK - the UK’s national innovation agency.
Asked by: Baroness Alexander of Cleveden (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what assessment they have made of the potential impact of the AI Growth Lab on economic growth.
Answered by Baroness Lloyd of Effra - Baroness in Waiting (HM Household) (Whip)
The Government recognises that artificial intelligence represents a defining economic opportunity for the coming decade. The OECD estimates that AI adoption could add 0.4 to 1.3 percentage points to the UK’s productivity growth- equivalent to adding £55-140 billion to UK GVA in 2030.
Lab would drive innovation and growth, super charging investment in innovative start-ups. The exact quantity of investment is uncertain, but firms participating in a previous FCA sandbox received 6.6 times more investment compared to non-participants.[1]
Early analysis indicates that lifting unnecessary legal barriers to AI in the Lab could unlock billions of pounds of GVA by 2035.
[1] Goo, J. and J. Heo (2020), “The Impact of the Regulatory Sandbox on the Fintech Industry, with a Discussion on the Relation between Regulatory Sandboxes and Open Innovation”, 6 J. Open Innov. Technol. Mark. Complex, https://www.mdpi.com/2199-8531/6/2/.
Asked by: Baroness Alexander of Cleveden (Labour - Life peer)
Question to the Department for Science, Innovation & Technology:
To ask His Majesty's Government what steps they are taking to facilitate US-based academics and researchers who may wish to consider relocating to the UK's higher education sector.
Answered by Lord Vallance of Balham - Minister of State (Department for Energy Security and Net Zero)
The government recognises and values the US as a key partner in R&D and look forward to continuing our collaboration on shared priorities to drive economic growth and technological advancement. Both the UK and US are committed to facilitating the exchange of talent and students to enhance R&D capabilities.
The government is committed to ensuring the UK is the top destination for globally mobile research talent based anywhere in the world. The UK boasts a world-leading science base, supported by top universities and research institutions, and has an ambitious funding offer through UK Research and Innovation (UKRI) and the National Academies, which offer prestigious fellowships and professorships.