My Lords, as we know, and as I have said quite often in this House, the UK AI sector for SMEs is booming. Thousands of new businesses have set up in the UK over the last few years, and the UK can be proud of that on the global stage. With the last Prime Minister, and maybe the new Prime Minister, se…
My Lords, perhaps I could highlight that the biggest challenge I see is not just initial funding. We welcome what the sovereign AI fund will do to provide compute and help commercialisation at a start-up moment for British AI companies, but the tragedy that we are seeing right now is losing those co…
My Lords, I speak as a football fan with two small boys who I continually have to provide kits for, even though they are Spurs kits and this season has not been the best. The problem we have is the naked commercialisation of clubs when it comes to not just one kit but multiple kits, plastered with s…
My Lords, the decision to provide banking services is largely a commercial one. Banks have strict obligations to ensure the legitimacy of a new customer and to protect against financial crime, and all new customers opening an account must be subject to due diligence under the money laundering regula…
I am grateful to the noble Lord for his question and for our brief conversation last week about some of the issues he has experienced. He will be aware that many of the issues he raises are ultimately commercial decisions for individual financial institutions, and how they choose to communicate with…
As I said, we are helping businesses navigate the way—for example, through the business growth service, which enables businesses to access all the types of finance and support that they need, including UK export finance and other facilities with the Government. For the creative industries, Creative …
My Lords, the recent India AI summit concluded with the adoption of the New Delhi declaration on AI impact, endorsed by nearly 90 countries. The declaration promotes international co-operation on its benefits, including equitable, enhanced trustworthiness and security, and on expanding access to AI …
First, the noble Lord is absolutely right to highlight this issue. I really welcome his continued engagement on this. Small and medium- sized enterprises are vital to AI-driven growth. The Government are supporting SMEs through a whole series of targeted innovation funding, access to test bids—which…
The noble Lord makes an extremely good point about the way in which we regulate. The UK has a bespoke approach. It is obviously important that we continue to work with other countries, as AI development is not something that happens only in the UK. Therefore, there is an element of needing to talk t…
I am grateful to the noble Lord for his question and pay tribute, too, to his expertise in this matter. There is a lot of truth in what he said, which is partly why HM Treasury has jointly established the transatlantic task force with the US Treasury. The purpose of the task force is threefold: firs…
My Lords, in light of the Lord Speaker’s Statement, let me be the first to thank him for his outstanding service. I look forward to the following months of working with him. I beg leave to ask the Question standing in my name on the Order Paper and I refer to my registered interests as a NED for the…
My Lords, stablecoins stand to play an important role in driving innovation in digital assets. It is important for the UK to position itself as a competitive global destination for digital assets, including stablecoins, while also addressing relevant consumer protection and financial stability risks…
My Lords, it gives me great pleasure to follow my noble friend Lord Ranger. We have become used to playing tag team on Friday debates; he followed me last time round, so it is my turn to go second today. I also thank the noble Baroness, Lady Anelay, for bringing the Bill before the House and for the…
The noble Lord is right: data is fundamental. People often think of this as being just about the algorithms, but you need the data, the algorithms, the hardware and the skills to come together. The National Data Library is being formed. The Health Data Research Service, which will get health data in…
The BBC did a recent study on the use of AI and has done a quite a lot of work on, for example, the accuracy of chatbots. It is very well placed to get that real sense of how appropriate it is to use it. We want people to use best practice, and we are clear that AI offers the most powerful lever we …
My Lords, I would be ever so grateful if the noble Lord could bring his contribution to a conclusion.
My Lords, I draw the House’s attention to my registered interests as the founder director of Oxehealth, a University of Oxford spin-out which uses AI for healthcare applications and which will be looking for scale-up capital in the near future. I congratulate the noble Baroness, Lady Stowell, on her…