WIREDGOV

The Prime Minister Rishi Sunak hosted the final meeting of the 2023 Business Council earlier yesterday.

Yesterday the Prime Minister hosted the final 2023 Business Council meeting.

He thanked business leaders for their support over the past year. He noted progress to stabilise the economy, which has resulted in inflation falling well below half – to 3.9% – delivering one of the Prime Minister’s key priorities.

The Prime Minister explained how businesses are continuing to choose the UK as a top global investment destination, pointing to the examples of: Tata Group’s £4bn UK gigafactory, BMW’s £600m commitment to develop electrical vehicle production in the UK, Nissan’s £2bn to support two new electric vehicle models in Sunderland and £2.5bn from Microsoft for AI infrastructure. He thanked Council Members for their support for the Global Investment Summit in November, at which a further £29.5bn of investment was announced. 

The Prime Minister and the Business Council discussed the economic and business outlook, and how this is being perceived on the frontlines of the economy. Council members agreed that, with inflation now more than halved, there is an opportunity for more economic growth and dynamism in 2024.

The Prime Minister also raised the economic benefits of AI and other technologies, following the successful AI Safety Summit he hosted at Bletchley Park. He asked Council Members about barriers to adoption and where new technologies have led to increased innovation and productivity. 

He announced that a new ‘AI Opportunity Forum’ will be launched in January – which will be co-Chaired by Franck Petitgas, the Prime Minister’s Adviser on Business and Investment, and the Secretary of State for Science, Innovation and Technology, Michelle Donelan. It will explore in more detail the adoption of AI technologies across the private sector.

He concluded by thanking the members of the Business Council for their contributions which bring an important perspective to the big decisions the Government is taking to build a better Britain.