Under a deal announced by Business Secretary Greg Clark and Digital Secretary Matt Hancock, the Government will also allocate £300 million for AI research. Around 1,000 government-funded AI PhDs will be created and private firms will invest £300 million in the sector. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily Front Page newsletter and new audio briefings. The ministers said AI offered to boost the UK economy by £232 billion. The Government is aiming to make the UK an artificial intelligence (AI) research “hotspot” under a new investment drive. “Today’s new deal with industry will ensure we have the right… Greg Clark said: “Artificial intelligence provides limitless opportunities to develop new, efficient and accessible products and services which transform the way we live and work.