The Chancellor has announced £2bn in funding for an artificial intelligence (AI) action plan to create jobs and investment in the Ƶ.
And Rachel Reeves also pledged to increase funding to the British Business Bank as she vowed in her spending review in the House of Commons to back British businesses.
She told the Commons: “Because home-grown AI has the potential to solve diverse and daunting challenges, as well as the opportunity for good jobs and investment in Britain, I am announcing £2 billion to back this Government’s AI Action Plan, overseen by the Secretary of State for Science and Technology (Peter Kyle).”
She added: “To champion those small businesses seeking access to finance as they look to grow I am increasing the financial firepower of the British Business Bank, a two-thirds increase in its investments. Increasing its overall financial capacity to £25.6 billion, to help pioneering businesses start up, and scale up, backing Britain’s entrepreneurs and wealth creators.”
The Chancellor also said extra money will be spent on training and apprenticeships to stop people being “turned away at the door”.
Rachel Reeves said the £1.2 billion funding increase was needed to help people “thrive in the industries of the future”. She listed careers including scientists, engineers, designers as well as builders, welders and electricians.
She said: “I know the ambition, the drive, the potential of our young people. And it cannot be right that too often those ambitions and that potential are stifled when young people who want training find courses oversubscribed turned away at the door forcing growing businesses, eager to recruit that talent, to look elsewhere. Potential wasted and enterprise frustrated.”
Like this story? Why not sign up here for free to get the latest business news straight to your inbox.
