State to take 'aggressive' stakes in UK firms; offer AI bootcamps
Peter Kyle has said the state will ‘aggressively’ take bigger stakes in fast-growing UK firms, as the government announced measures including ‘AI bootcamps’ for young jobseekers entering the changing employment market.
In an interview with the Sunday Times, the Trade Secretary signalled Britain would pursue a new wave of corporatism with billions of pounds of previously announced taxpayer aid to be used in a bid to hold on to flourishing companies.
Meanwhile, Technology Secretary Liz Kendall announced a range of measures aimed at allowing young people to gain the skills that will help them to secure employment, with some 400,000 across the most disadvantaged schools to be offered AI and tech training.
An AI ‘bootcamp scheme’ will be rolled out across England over the summer to provide those who are at risk of becoming unemployed and out of education and training.
A new project called the Early Careers Jobs Alliance, backed by £20 million and bringing together government, employers, trade unions and young people, will also examine how entry-level work is changing.
The partnership will look to produce ‘practical’ help for businesses on how to redesign roles, publishing an initial report this autumn, officials said.
Kendall announced the package ahead of London Tech Week, where she and Kyle will set out the government’s vision for AI and rebooting the economy.
Kyle said: ‘You are going to start to see us take more risks, upping the risk threshold in our desire to back British innovation as it scales. I want us to be aggressively ambitious.’
He added: ‘You see [Reform UK leader] Nigel Farage going around beating his chest. I think he’s just aggressive without a purpose. I want to be aggressive with a purpose.’
The approach is an effort to reverse the ‘brain drain’ of successful UK businesses looking overseas.
Cambridge-based computer chip designer Arm’s decision to list on the US Nasdaq exchange is the most prominent case.
Kyle said: ‘We lack the capital in the private markets, but we have the opportunity if the government comes out of the shadows and into the light.’
source: PA
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