In the recent Spring Budget, a new £7.4 million flexible AI business upskilling fund was unveiled. This pilot initiative aims to help SMEs unlock the potential of AI and develop future AI skills to drive economic growth. Following the Chancellor’s announcement, the Science and Technology Secretary called on eligible small and medium enterprises in the Professional and Business Services sector to register their interest in the scheme with an information webinar scheduled for April and the application process set to commence in May. The pilot will help small and medium enterprises to unlock the opportunities AI brings and develop AI skills of the future, helping fuel growth across the economy.
Thanks to an investment of over £1.1 billion, thousands more individuals across the UK will receive training and qualifications in cutting-edge technologies such as artificial intelligence, as well as fields like medicine, 6G, and quantum computing. This initiative aims to skill-up the country and drive transformation in various sectors.
In addition, there’s a commitment of over £60 million for new quantum skills programs, which will run until 2034. This addresses a critical need for businesses involved in advancing quantum technologies, in being able to access the appropriate skills and talent.
These initiatives represent the government’s ongoing efforts to assist businesses realise the significant advantages of AI. Studies suggest that by 2030, the widespread adoption of AI could potentially boost the UK GDP by up to 10.3%.
Further measures announced include:
Led by the University of Birmingham, an academic consortium will establish a £4.5 million medicines manufacturing skills centre of excellence named RESILIENCE. This centre will collaborate with academic and not-for-profit partners to develop specialised training and accelerator programs, catering to individuals from T-levels to graduates, providing training opportunities within the workforce.
In March, a competition was launched to select a delivery partner for the Science & Technology Venture Capital Fellowship Programme, initially announced in November’s Autumn Statement with funding of up to £3 million. This initiative aims to attract world-leading investors to drive breakthroughs in areas such as vaccines, AI, and robotics. The pilot scheme will offer 30 positions.
A Future Telecoms Skills Taskforce will be launched, engaging stakeholders from government, academia, and industry to ensure the UK is equipped with the necessary skills for a connected future, accessible to individuals of all educational backgrounds.
Expanding on efforts to encourage more individuals into digital careers, collaborative work with industry and the Digital Skills Council is underway. The aim is to further inspire people to pursue tech careers and enhance access to top-notch digital upskilling resources provided by the industry.
Progress is being made in supporting the establishment of a new National Academy for Maths, following a call for evidence launched in January and warmly received by the sector. The Department for Science, Innovation, and Technology (DSIT) will soon publish a response, unveiling the final specifications and initiating a short competition to identify an organisation to receive government support.
What can I do?
If eligible (see requirements below), you can register your interest for grant funding through the flexible AI upskilling fund when applications open on 1 May.
Eligiblity
- registered and operate in the UK
- employ between 1-249 employees in the UK
- defined as an SME per the SME Action Plan
- have been operating for at least 1 year
- able to match-fund 50% of the cost of the training
- operate in the Professional and Business Services (PBS) sector (see the guidance attached for definition)
Register for the Expression of Interest here.
How can we help?
- We can provide access to funding which requires strong forecasting skills, understanding numbers, and an effective pitch.
- Grant audits are an area in which we can provide comprehensive support with any necessary reports.
- For innovative companies, optimising R&D tax credits and incentivising team members through schemes like EMI is crucial.
For more information on the above, please contact us at jakes@plusaccounting.co.uk or 01273 701200.
Author: Jake Standing, Director, Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
Date published: 15 April 2024