The lecture highlighted the government’s ambitions to position the UK at the forefront of AI and quantum computing, backing the UK to be a leader in these fields. 

Reeves announced plans to give regional Mayors more control over tax revenue, giving communities more autonomy over local spending. The full extent of the plans will be announced in the Autumn budget, but initial indications suggest Reeves won’t increase taxes, but will instead delegate power over some spending.

Central to investment plans was a £2.5 billion investment in AI and quantum computing to further boost the UK economy. Speaking with leaders, she emphasised that this funding aims to accelerate the UKs tech capabilities, create jobs and boost economic performance. 

Reeves committed: “We want Britain to achieve the fastest rate of AI adoption of any country in the G7”, indicating the government’s ambitions to compete on a global scale.  

Reeves also said new investment and support in quantum computing would create 100,000 UK jobs. She said: “we have pledged to procure up to £1 billion of quantum computers from the first UK companies to successfully make them at commercial scale, firing the starting gun on a global race and making sure the UK is at the front of the pack”.

This was a common theme in her speech, and part of Reeves’ broader ambitions to stop top technology firms from moving out of the UK, in attempts to improve the economic position. With the prevalence of UK businesses moving overseas resulting in economic and talent loss to other economies, Reeves indicated a focus would be on making the UK a desirable place to start and scale businesses. 

As well as avoiding loss of talent overseas, Reeves wants to attract new talent. In the statement she said: “Here is my message to every entrepreneur looking to build a new AI product: come to the UK”.  

She discussed how regulation must keep pace with the UK’s technological change, or risk hindering progress of innovation and economic growth. Without robust but flexible oversight, the UK risks stalling innovation and slowing economic growth. 

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Reeves referenced a need for any technological investments to consider public interest. 

The lecture was an indicator of the government’s vision to embrace technology as an enabler of growth and combine local interest with national strategy. 

With the right investment and policy, the government hopes to foster innovation, retain technology leaders and attract new talent that will help the UK strengthen their global position.