This announcement seems quite an ambitious attempt to put the UK at the forefront of the artificial intelligence and data revolution, with close to £1bn of investment.
Does that figure bear comparison?
PitchBook estimated US tech firms’ invested around $21.3bn in mergers and acquisitions related to AI in 2017. As important as the size of investment, therefore, will be the steps taken through the sector deal to attract global talent to the UK. Law firms, and their clients, will benefit from marrying up this AI talent with their own existing expertise. This will underpin the success of those organisations.
In the same way that Gutenberg’s press ushered in a new era of growth, data-driven technologies such as AI will underpin our future prosperity.