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Industrial Strategy to Provide Over £150m to Reinforce UK as Services Superpower
- The UK's modern Industrial Strategy aims to invest over £150 million in AI and technology programmes to boost the UK Professional and Business Services (PBS) sectors like legal, consulting, and accountancy.
- The funding is part of the Government's broader commitment to the PBS sector, recognizing its significant contribution to the UK economy.
- The plan includes ambitions for the UK to become the most trusted adviser to global industry and remain the second-largest exporter of professional business services globally.
- Initiatives involve launching new centres of excellence, AI skills hubs, and research programs to promote innovation and AI adoption in the sector.
- Additional measures include a marketing campaign for PBS, expanded support for regulators, and a Trade Digitalisation Task Force to enhance digital trade processes.
- Strengthening UK Export Finance guarantees, appointing a PBS AI Champion, and fostering collaboration between government and businesses are key components of the strategy.
- Various industry stakeholders, including ICAEW, Deloitte, Management Consultancies Association, and the Law Society, have expressed support for the plan as a way to drive growth, innovation, and global leadership in professional business services.
- The strategy aims to accelerate technology adoption, open procurement to SMEs, upskill the workforce, and bolster the UK's reputation as a global PBS center of excellence.
- The government's focus on legal services, including enhancing technology, global market access for UK lawyers, and upholding the rule of law, is expected to fuel sustained growth and strengthen the UK's legal sector.
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