Prime Minister Rishi Sunak announced on Monday that Britain has the potential to become the global center for artificial intelligence (AI) regulation. In a speech delivered at the London

Tech Week conference, Sunak urged industry leaders to seize the opportunities and tackle the challenges presented by AI while emphasizing the importance of ensuring its safe implementation.

Sunak's government plans to host a summit later this year specifically focused on the risks and regulation surrounding AI. He highlighted the shifting landscape of technology and expressed his ambition to make the UK not only the intellectual home but also the physical hub for global AI safety regulation.

Governments worldwide are currently seeking a delicate balance that allows them to assess and manage the potential negative impacts of AI without hindering innovation. Sunak acknowledged these concerns and assured that job security is a priority, drawing parallels with previous technological advancements that also presented challenges.

The tech sector holds a central position in Sunak's strategy to drive economic growth. In March, the UK government decided to divide the responsibility for AI regulation among existing bodies that oversee human rights, health and safety, and competition, rather than establishing a dedicated AI regulatory agency.

During his recent visit to Washington, Sunak secured the support of US President Joe Biden for Britain to host the AI summit. The event will focus on assessing the risks associated with AI and exploring internationally coordinated approaches to mitigate those risks.

Finance Minister Jeremy Hunt, speaking at the conference, emphasized the significance of this moment in shaping the world for the rest of the century. He expressed his desire for the UK to play a constructive role in ensuring that technology benefits society as a whole. Photo by HM Treasury, Wikimedia commons.