Private backing for UK AI companies has reached Pound 2.9 billion, with average deals of Pound 5.9 million, driving record growth across the sector. Ministers say investment is spreading regionally, with the number of firms in the Midlands, Yorkshire, Wales, and the North West doubling in just three years.

At Mansion House, Technology Secretary Peter Kyle urged industry to cut red tape, expand data centres, and attract global talent. He emphasised that public trust, supported by AI assurance measures, is crucial for growth.

The assurance roadmap aims to add billions to the economy by creating a dedicated profession to review AI systems for safety, ethics, and accountability. Independent experts will be tasked with certifying systems, while a consortium of professional bodies develops a code of ethics to guide standards.

Further initiatives include Pound 2.7m to boost regulator capacity and AI projects for Ofgem, the Civil Aviation Authority, and the Office for Nuclear Regulation, covering energy, aviation, and nuclear waste.

Officials say these measures will help position the UK as a world leader in AI innovation, while ensuring growth is matched with robust oversight and public confidence in the technology.