"The governor of the Bank of England has said the UK needs a supportive investment environment if it is to realise the economic benefits of innovative new technologies. Speaking at an event in Edinburgh on Monday, Andrew Bailey said general purpose technologies (GPT) such as AI, green energy and the space sector could lead to industry-wide growth and a boost to productivity. However, he said achieving this required the necessary investment, which he said depended on a lot of commitment."
"If we are on the cusp of seeing another advance in GPT, we need the conditions to support an environment where investment occurs across the economy, he said. From the official side, we need to provide a policy framework which sustains growth and innovation. He went on: We must do all we can to ensure the domestic investment environment by which I mean the institutions and individuals who direct investment to where it is needed is supportive."
A national news outlet requests donations to fund on-the-ground reporting across reproductive rights, climate change, and Big Tech while keeping reporting free of paywalls for all readers. The UK requires a supportive domestic investment environment to realise economic benefits from general-purpose technologies such as AI, green energy, and the space sector, which can drive industry-wide growth and boost productivity. Realising those benefits requires substantial and sustained investment, a policy framework that sustains growth and innovation, and patient capital because technological shifts like AI and space technologies take time to feed through the economy. Domestic institutions and investors must direct capital where it is needed to ensure gains reach across the economy.
Read at www.independent.co.uk
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