Businesses: Technology Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Hamilton of Epsom
Main Page: Lord Hamilton of Epsom (Conservative - Life peer)Department Debates - View all Lord Hamilton of Epsom's debates with the Department for Business, Energy and Industrial Strategy
(5 years ago)
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Lord Henley
My Lords, I cannot give any precise figures about how much is specifically targeted on the AI industry. The important point is to recognise, as did the PwC and other reports, what will happen in that industry: the advantages for it, how much it will grow and how well this country is doing. That is why I cited in my Answer the massive increase in inward investment—which is obviously an indication of what is happening to not only start-ups but scale-ups—of 17%, which is more than the rest of Europe combined.
Lord Hamilton of Epsom (Con)
My Lords, has my noble friend noticed that although the Opposition are complaining about the redundancies that will be caused by new technology, they are on the other hand complaining about the lack of productivity growth in this country, which will of course be achieved by the introduction of new technology?
Lord Henley
As always, my noble friend makes a valid point. We will see new jobs, better jobs, greater productivity and a general growth in the sector.