Business Markets News Report
July 06, 2023

Google Study: AI-driven Innovation Could Generate £400B Economic Value for UK by 2030

In Brief

Google’s Economic Impact Report predicts that AI innovation could create over £400 billion in economic value for the UK economy by 2030.

The tech giant also said that the use of AI tutors and coding assistants could UK productivity by over £4.8 billion a year.

Google’s Social Innovation Fund on AI will also allocate £1 million worth of funding to UK-based social entrepreneurs that are building AI-driven projects to help their communities.

Google has published an Economic Impact Report, with the objective of exploring the potential of AI in the UK and gaining a deeper understanding of how services such as Google Search and Maps – which has recently implemented AI-powered features – are generating tangible value throughout the country.

Google Study: AI-driven Innovation Could Generate £400 Billion Economic Value for UK by 2030

The research was conducted by Public First, a policy, research, opinion and strategy consultancy. Based on its calculations, the consultancy predicted that AI innovation could create over £400 billion in economic value for the UK economy by 2030.

Google has identified three important ways in which it can help unlock the potential of AI technology in the UK:

  • Equipping the country with tools and tech investments;
  • Enabling everyone to develop the skills they need to harness technology;
  • Engaging with the ecosystem to ensure a future that will benefit all.

The tech giant said that it is equipping the UK by providing AI-powered tools to individuals and businesses.  According to the Economic Impact Report, these tools and services are projected to generate an economic value of £118 billion in the UK by 2023.

Making careers and skills upgrade more accessible

In a blog post, Debbie Weinstein, VP and Managing Director for Google UK and Ireland, wrote that AI could make careers more accessible to over 1 million people with disabilities at work, boosting the economy by over £30 billion per year. For instance, AI-generated captions could help people living with disabilities connect with the world around them and offer them opportunities to re-enter the workforce.

Weinstein added that the use of AI tutors and coding assistants could make skills upgrade more accessible for everyone, boosting UK productivity by over £4.8 billion a year.

“Around 35% of businesses today say that they find it difficult to find staff with good digital skills, while 39% of those out of work say their lack of digital skills is a barrier to them finding work. This is why since 2015, Google has visited more than 500 locations in the UK, and has now trained over 1 million people in digital skills to help them grow their businesses and careers,” Weinstein explained.

A new social innovation fund

To demonstrate further commitment to driving AI innovation in the UK, Google has established a new social innovation fund that will allocate £1 million in funding to support UK-based social entrepreneurs who are building AI projects to benefit their communities.

The selected social entrepreneurs will receive cash grants, mentoring, and acceleration support from Google’s Startups Accelerator team, enabling them to foster meaningful change and give their innovative ideas the chance to thrive.

“The government has set out its ambition for the UK to be a global leader in AI, science and tech, and to ensure everyone has the digital skills to bring tech-led growth and opportunity to every part of the country. Google is partnering in that vision — innovating with AI to help everyone in the UK achieve their ambitions, big and small, through sustainable, responsible and impactful technology,” Weinstein concluded.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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