Artificial Intelligence Opportunities Action Plan
Jon Pearce Excerpts(2 days, 13 hours ago)
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Jon Pearce (High Peak) (Lab)
Small businesses and start-ups are vital to the local economy in my constituency and throughout the UK. Can the Secretary of State explain how his AI action plan will help those small businesses to seize the opportunities of AI, and deliver the growth that we desperately need across the country?
Peter Kyle
The people and businesses of High Peak have a great champion in my hon. Friend, and as such they will be able to reap the rewards. We need all parts of the economy to embrace digital technology fully in a digital future, and to do so with confidence. The Office for Budget Responsibility said some time ago that if businesses across Britain did do so equally it would add 0.5% to productivity, which would mean £27 billion of fiscal headroom for the Exchequer. We have set about doing so because that is how we can break out of the inheritance from the Conservative Government of high tax and low growth. We want to invest in that future, and small businesses will be at the forefront. The great thing about AI and digital technology is that it puts into the hands of small businesses the kind of power that to date has only been within the reach of large businesses. This is a huge opportunity, and I hope that people running small and medium-sized enterprises across the country will grab it with both hands.