To ask the Secretary of State for Science, Innovation and Technology, what steps his Department is taking to encourage investment in the UK artificial intelligence sector.

The UK’s AI market is valued at over $21 billion and is estimated to grow to over 1 trillion by 2035. Recently we have seen the largest investment ($1 billion) into a UK AI start-up (Wayve), with several AI companies opening their European headquarters here. Google and Microsoft have recently announced plans to invest $4.2 billion in the UK, demonstrating confidence in the UK’s approach to AI. To encourage further investment, we host the annual Global Investment Summit, we have tax incentives available for AI companies, and we are delivering £1.5bn of investment into compute, all of which will strengthen our position as an attractive place to invest.