£20 million to improve tech in professional services industry

The Government has announced a new £20 million fund to help the professional services industry invest in sector-changing technologies.
The ‘pioneer fund’ will create new opportunities for businesses and researchers to work together to develop the next generation of services for the accountancy, insurance and legal industries, it says.
The investment forms part of the UK’s Global Industrial Strategy, aiming to put Britain at the forefront of technological advances.
According to the report, the services industry makes up almost 80 per cent of the UK economy, with the financial and professional services sector alone employing 2.2 million people and is valued at around £190 billion.
The fund aims to improve these industries further by using artificial intelligence and data analytics to streamline services and make them globally competitive.
It says details of how the fund will be spent will be released shortly.
The Government aims to invest more than £1 billion in artificial intelligence and technology by working with 50 leading UK tech companies.
A full breakdown of the strategy can be found here.
Secretary of State for Digital, Culture, Media and Sport Matt Hancock said: “The UK must be at the forefront of emerging technologies, pushing boundaries and harnessing innovation to change people’s lives for the better.
“Artificial Intelligence is at the centre of our plans to make the UK the best place in the world to start and grow a digital business. We have a great track record and are home to some of the world’s biggest names in AI like Deepmind, Swiftkey and Babylon, but there is so much more we can do.
“By boosting AI skills and data driven technologies we will make sure that we continue to build a Britain that is shaping the future.”

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