Here’s how much the UK’s AI industry is now worth – as investment hits record levels
British AI companies attracted record investment last year, with investors and regulators being urged to go further and faster to deliver new growth for the UK’s AI sector as part of the government’s modern industrial strategy.
A total of £2.9 billion in private support and average deals worth £5.9 million have set the stage for further investment and new opportunities for both AI companies and financial backers alike.
This means British AI companies alone now contribute £11.8 billion to the UK economy – double the amount in 2023 – while AI employment tops 86,000 across the country.
The figures also show at least double the number of AI companies are now based in the Midlands, Yorkshire, Wales, and the North West compared to just three years ago.
Technology Secretary Peter Kyle called on industry to step up and match the UK government’s ambition when it comes to AI – in a bid to drum up further investment and see more AI companies call Britain home.
“We have learned the lesson of history: countries can only prosper if they get the big calls right, if they decide to go beyond the expected and embrace the future, to innovate not imitate – refusing to be constrained by the problems of today by taking up the challenges of tomorrow. In these uncertain times, I am certain that’s what it takes to get a global competitive edge.
“We want you to keep investing here, keep building here – list here, scale here. If you invest in Britain, you’ll share in that competitive edge,” he said.
To capitalise on this momentum, the Technology Secretary said he has set out new plans to expand the UK’s AI offering, bolstering its sovereign AI capabilities by delivering new opportunities for the sector.
He added that public trust in the technology is key to its uptake, with more sectors of the economy primed to tap into the potential of AI.
