Britain pumps cash into artificial intelligence before Brexit

LONDON (Reuters) - Britain announced on Thursday a 1 billion pound ($1.4 billion) joint investment in the artificial intelligence (AI) industry to capitalize on what the government sees as a competitive advantage in the sector as it prepares for life after Brexit. The deal is the latest in a series of targeted public-private investment pacts in the government's industrial strategy that aims to modernize Britain's economy and address decades of regional and industrial decline. "It's evident that Britain is a place that people want to come to for AI," business minister Greg Clark told Reuters during a visit to a facility in London that nurtures early-stage tech businesses from across the world. "We have a position of strength that we want to capitalize on because if we don't build on it the other countries around the world would steal a march." Governments worldwide are plowing cash AI to keep up with international rivals and seeking to harness its power to transform industries from transport to agriculture.