How Can AI Help the British Economy After Brexit?

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How Can AI Help the British Economy After Brexit?

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In the aftermath of the Brexit vote in June, the British government have put their forces to ensuring that their economic security and four trade strategy are on top of their political agenda.

With massive efforts abroad, internally in the UK, Business Secretary Greg Clark set out an ambitious agenda in order to maintain the level of productivity and growth, and that the British businesses have the best environment to prosper in, and export to the rest of the world, Alan Mak, MP for Havant wrote in The Telegraph.

Referring to the words of Brexit Secretary David Davis, it was made clear on Monday that the referendum result “…is about seizing the huge and exciting opportunities that will flow from a new place for Britain in the world. There will be new freedoms, new opportunities…We can get the right trade policy for the UK”, Mak writes.

“As the Government develops its new Industrial Strategy, leading the world in the new Fourth Industrial Revolution (4IR) should be a key aspect of our Brexit trade plans”.

Looking back 250 years ago to how Britain led the First Industrial Revolution with engines and factories powered by coal and steam that changed the economic landscape, Britain is now entering a new technological age with artificial intelligence. This includes hyper-connectivity and mass-automation, which is referred to as the Fourth Industrial Revolution.

A key argument that was put forward by the leave-campaign when it was ongoing was the argument of Britain being able to strike new trade deals, which now presents Britain with the opportunity to increase exports of the goods and technologies characterised by the Fourth Industrial Revolution.

This means that Britain can now export anything from 3D printers and drones to advanced robots and biotechnology, which will serve as next generation exports. Mak argues that if Britain now seizes this opportunity, it can make the country a world leader in the field.

Yesterday, I led the first ever House of Commons debate on the 4IR”, Mak writes, following up with how he made these points to Ministers. “In the coming months, I’ll be launching a more detailed set of policy proposals in a pamphlet for the Free Enterprise Group of Conservative MPs backed by the free-market think tank the Institute of Economic Affairs”, Mak writes.

He emphasises the importance of the Government developing the right regulatory environment for the Fourth Industrial Revolution-businesses to succeed, which Brexit Secretary Davis agreed to, saying that it is essential to enable regulation that helps, rather than hinders businesses and workers.

“In the global race to lead the 4IR, the countries best able to adapt to its political, social and economic ramifications will be those with nimble free-market economies, low taxes, and robust intellectual property rights that encourage entrepreneurialism and protect innovation” – Alan Mak.

With the development of a new Industrial Strategy it is important that the Government continues to focus on the pro-enterprise policies encouraging investment in the Fourth Industrial Revolution technologies, as well as its founders and companies, Mak writes.

Mak believes that the Government can help shaping the 4IR’s evolution internally and ensure that Britain is competitive abroad, by funding 4IR technology hubs and ensuring that the growth is not just focusing on the South East, and also continuing to invest in apprenticeships by delivering 5G Internet and protecting innovation through the legal system.

The development of 4IR is already happening, and what is needed now is securing access to global markets in order to attract international clients, Mak says – defining the potential of the market for British-made 4IR exports as ‘limitless’.

He believes that now is the time for entrepreneurs and policymakers to seize the opportunity that is presented by these new trade deals which could make Britain a world leader in the 4IR home.

“Throughout our history Britain has adopted a pro-innovation approach to technological advances, and our businesses have adopted a “can-do” pragmatic approach when faced with political and regulatory changes, from the abolition of the Corn Laws to the City’s “Big Bang” to Brexit”, Mak writes.

He urges Britain to adopt the same forward-thinking approach to 4IR as they had towards the economic and social progress that created new jobs, new products and new export opportunities.

This article was first published at: http://www.telegraph.co.uk/news/2016/09/09/after-brexit-robots-how-britain-can-now-unleash-the-new-industri/

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