Chancellor John Healey pledged that Wednesday's budget will harness artificial intelligence to bolster Britain's security and prosperity against risks from the accelerating global technology race. The government will commit hundreds of millions of pounds to develop a "distinctively British" approach to AI, alongside the biggest-ever investment to guard against cyber risks and fresh funding for the AI Security Institute. The budget also allocates £10m a year to study how AI will reshape jobs and industry, and up to £300m in public-private investment for a new AI Biosecurity Lab. The budget comes as war in the Middle East sends energy costs soaring, with oil rising above $117 a barrel at one point and putting pressure on public finances and living costs. Healey also outlined investment in AI chip design in Edinburgh and a new AI Centre of Excellence in Manchester.
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GBP/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 1.33804 |
| Change that session | -0.15% |
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