AI could boost GDP by millions

Artificial intelligence (AI) could provide a 22 percent boost to the UK's GDP by 2030 according to new research from McKinsey and Quantumblack. The research also revealed that British companies which fully incorporate AI tools into their organizations could increase their economic value by 120 percent by 2030. However, organizations that are late to adopt AI or fail to do so all together, could lose around 20 percent of their cash flow compared to today. Despite the fact that the UK is ahead of the rest of Europe on McKinsey Global Institute's AI readiness index, it continues to fall behind the US and China. McKinsey and Quantumblack's research also suggests that increased AI adoption would be a "welcome boost" in the UK where productivity growth has been weak over the last decade.