It is considered “crucial” that the Big Four accounting firms and the UK government “collaborate,” stated the Foreign Secretary in an interview with City AM, as leading audit companies shift their attention towards artificial intelligence (AI).
Diplomats and representatives from significant accounting firms like KPMG and EY gathered in the City on Tuesday to discuss how AI can enhance the UK’s economic growth and security.
Foreign Secretary David Lammy remarked to City AM: “Technology is the forefront of geopolitical dynamics. We are engaged in a highly competitive race among nations – and corporations – to capitalize on the benefits of tools like AI.”
The plan of the Foreign, Commonwealth and Development Office, launched in March, aims to prepare diplomatic personnel to obtain trade agreements and governmental contracts internationally for UK firms. At that juncture, Lammy unveiled a “new collaboration between government and business.”
At present, the Foreign Office has partnered with City firms to attain a “competitive advantage” for the UK in the international technology arena.
Professional services firms, including the Big Four, have been heavily investing in AI technologies.
This week’s ‘first-ever’ “buddy scheme” conference aimed at leveraging AI for economic progress, led by the department’s strategy director and Accenture’s public sector strategy head, who is a former diplomat.
The IMF projects that fully embracing AI could boost productivity by 1.5 percentage points annually. If fully realized, these advances could generate up to an average of £47 billion annually for the UK over a ten-year period.
Since taking on the role of Foreign Secretary, Lammy has set up two new teams within the department to seize AI opportunities, investigating its potential to transform diplomatic methodologies.
This week, Lammy is set to convene with CEOs from leading UK firms, such as Deloitte, KPMG, Standard Chartered, and the London Stock Exchange Group, to talk about advocating their interests on the global stage and promoting collaborative growth.
“As Foreign Secretary, I have focused on establishing a new connection between businesses and the Foreign, Commonwealth and Development Office to exchange skills, experiences, and insights,” he remarked.
