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.

New research from McKinsey and Quantumblack suggests UK businesses adopting AI could see their value increase by 120 percent within a decade. AI overall could provide a 22 percent GDP boost worth millions to the UK economy, according to the research. However, the report warns that firms which do not integrate AI into their day-to-day business risk around 20 percent of their cash flow today. "By 2030, the average simulation shows that some 70 percent of companies might have adopted at least one type of AI technology but that less than half will have fully absorbed the five categories [computer vision, natural language, virtual assistants, robotic process automation, and advanced machine learning]." The UK is well-positioned to take advantage of AI and is the highest ranking country in Europe on McKinsey Global Institute's AI Readiness Index.