The PM set out that regulations need to keep pace with the growth of AI while the CEOs agreed to work closely with the Foundation Model Taskforce which will advance approaches to AI safety to inform international approaches, backed by an initial £100 million of startup funding.

AI has the potential of improving life dramatically, transforming industries to deliver scientific breakthrough and for the opportunities to be felt, the correct regulations and approach to safety must be in place to ensure the public have confidence it is being used in a safe and responsible way.

The UK is well placed to lead the international discussion with the PM explaining that AI safety will increasingly be an international endeavour as they discussed the risks of the technology, ranging from disinformation and national security to existential threat.

Sridhar Iyengar, Managing Director for Zoho Europe commented: “It is positive to see UK leaders in both government and AI come together to discuss the future of this technology. Artificial Intelligence offers huge potential; however, regulation to ensure the ethical use of AI will help to garner public trust.”

“AI has the potential to supercharge business growth if implemented in the right way. Businesses are starting to reap the rewards it provides in various business tools such as customer service assistants, fraud detection, data analysis, forecasting and many more. For many organisations it is a way of keeping up with rising customer expectation, revolutionising the way we serve and respond to consumers through offerings such as AI-powered chatbots that can help to automate tedious tasks and give almost instant customer responses to basic enquiries.”

“As AI developments continue to emerge at a rapid pace, businesses must remain vigilant and monitor progressions in this area to apply AI in the right way as government and AI leaders collaborate to create a safe playing field for the further development and adoption of this technology.”

The news comes following technology industry leaders gathering in Parliament for the Parliament Street Digital Economy Summit earlier this week to discuss the future of AI and its impact on the evolving digital economy.