AI Growth Lab

Lord Vaizey of Didcot Excerpts

Thursday 26th March 2026 Lords Chamber

[Lord Vaizey of Didcot (Con)]

My Lords, we have had a plethora of initiatives on AI. We had the welcome announcement of the sovereign AI fund last week. All of them are welcome individually: Innovate UK, ARIA, the AI Security Institute, the British Business Bank, and the National Wealth Fund. Could we perhaps have a moratorium on announcements of AI initiatives and perhaps an overview and co-ordination of this plethora of bodies?

[Baroness Lloyd of Effra (Lab)]

In our AI opportunities action plan we have indeed set out a plethora. That is because this is a technology that provides great potential benefits, and adoption is absolutely key. We need all areas of the economy to be thinking about the implications. We are a heavily service-based economy and it is very much in our future interests to adopt this technology and harness its benefits, whether that is in healthcare, energy efficiency or many other areas. So we will continue to focus on all areas of the development of AI, from data centres to regulation.