Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, what mechanisms are in place to ensure transparency in the reporting of private investment linked to the Government’s AI strategy and the proportion of that investment which is spent onshore within Britain on British goods and services reverse the proportion of investment spent offshore on foreign companies.

The UK AI sector attracted the third highest levels of AI related private investment in the world. Alongside this, the UK produces the second highest number of AI startups globally. This Governments remains focused on ensuring the UK remains the most attractive place in the world to build AI companies and lead on AI adoption.

The £100bn figure referenced refers to the total amount of private investment that firms have pledged to invest into the UK’s AI sector. This pledged investment demonstrates international confidence in the UK’s strong and growing AI ecosystem, supported by the Government’s strategic approach to innovation, world leading research base, and pro investment policy environment - including the UK’s strengths in AI talent, compute, research, and responsible innovation.

Whilst decisions on investment is a matter for private companies, Government has been clear that it will encourage investment that will enable UK firms and people to benefit.