Britain allocates 100 million pounds for AI research, regulation

Britain's AI bet: Britain announced on Tuesday its commitment to invest over £100 million ($125 million) to establish nine new research hubs in artificial intelligence (AI) and to provide training for regulators on the intricacies of the technology.

Technology minister Michelle Donelan stressed upon the rapid evolution of AI, stating, "AI is moving fast, but we have shown that humans can move just as fast." 

She highlighted the government's agile, sector-specific approach in addressing immediate risks associated with AI.

Of the allocated funds, nearly 90 million pounds will be directed towards the creation of research hubs focussing on AI applications in various sectors such as healthcare, chemistry, mathematics, and in collaboration with the US on responsible AI initiatives.

An additional 10 million pounds will support regulatory efforts to address risks and harness opportunities related to AI. 

This includes the development of practical tools to monitor risks across sectors spanning from telecommunications and healthcare to finance and education.

Britain previously hosted an international summit on AI safety in November, during which more than 25 participating countries signed the "Bletchley Declaration". 

The declaration aims to identify shared risks associated with AI and develop cross-country policies to mitigate them.

(With Reuters Inputs)