Global telecoms tech firm Cisco has announced it will be investing $100m (£76.8m) Backed by Prime Minister Theresa May and digital secretary Jeremy Wright to run in tandem to the government's industrial strategy, Cisco will partner with University College London (UCL) to open one of the world's largest research centres for AI. The centre will become a hub for addressing ways to integrate AI into British industry by housing more than 200 UCL academics and researchers, as well as developing up and coming AI talent. Announced this morning at Downing Street, May called the investment a "vote of confidence" in the government's industrial strategy. "We believe that the UK's expertise in AI and its commitment to making sure future innovators have the right digital skills will help ensure the nation's citizens are well-positioned to capture the opportunity ahead," said Chuck Robbins, Cisco's chairman and chief executive.

New measures to support Britain's world-leading AI sector are set to be announced as part of a bold Digital Strategy to boost growth and deliver a thriving, outward-looking digital economy that works for everyone. Accenture has estimated AI could add in the region of £654 billion ($814 billion) to the UK economy by 2035. So the Strategy, due to published by Culture Secretary Karen Bradley MP on Wednesday (March 1), builds on the plan set out in the Government's Industrial Strategy to capitalise on Britain's existing strengths and back new technologies where the UK can take a lead. Britain already has a competitive advantage in Artificial Intelligence, with some of the world's most innovative AI companies based here and a rich ecosystem of investors, employers, developers and clients. It is a fast-growing area for research and commercial investment, including by major global digital companies, and was identified as one of the technologies that could be supported through the Government's new Industrial Strategy Challenge Fund and the Challenger Business Programme.