The debate followed a policy contribution paper and Times article outlining ideas on attracting individuals wanting to invest in the UK economy, most notably in the field of AI start-ups and scale-ups. In a week where UK growth figures for Q1 of 2025 were a 0.7% increase and a new White Paper on immigration appeared, Baroness Thangam Debbonaire, Labour peer and former Shadow Culture Secretary, joined Sir Robert as did Andrew, Lord Tyrie, former Chair of the CMA and Commons Treasury Select Committee. The panel was rounded off by Dom Hallas, a former diplomat and political advisor who heads the Start Up Coalition and who gives invaluable advice to the Government on the tech sector and innovation.
Key messages emerging from the discussion were that our economy and society were facing a quantum leap in development, thanks to AI, and that it was vital that the Treasury properly understood the type of investment required and where the UK could excel. It wouldn’t necessarily need huge sums, which is why the need for more investor visas aimed at making the Government’s AI Plan a reality were needed.
It was felt that there were mixed messages emerging from the Government, with growth aspirations not being matched by tax policy. One speaker advocated a flat tax, akin to the position in Italy, which has been a destination of choice for many high-net-worth individuals in recent months.
The need for public trust and consent to be fully considered when it comes to AI was emphasised strongly; the political dimension is what will govern the choices of policy makers, as doubts about the future of work for many people were feeding uncertainty and contributing to the rise of populist movements. The ongoing controversy about copyright law changes and the use of data by big AI companies was a case in point, where the traditional news titles and Sir Paul McCartney were lined up together against the Government!
The debate focused heavily on solutions, with the challenge posed by Trump seen as a catalyst for closer co-operation with the EU and European nations, especially as the UK-EU summit is expected to yield a deal within days. Thank you to all those who attended.
