David Lammy: ‘Technology is the frontline of geopolitics’ as Foreign Office teams up with Big Four giants
It is “essential” that the Big Four firms and the UK government “work together”, the Foreign Secretary told City PM as audit giants shift their focus to AI.
Diplomats and representatives from the big for accounting firms, including, KPMG, and EY, gathered in the City on Tuesday to discuss how artificial intelligence (AI) can enhance the UK’s growth and security.
Foreign Secretary David Lammy told City PM: “Technology is the frontline of geopolitics. We are in a hyper-competitive race between nations – and companies – to reap the advantages of tools like AI.”
The Foreign, Commonwealth and Development Office strategy, launched in March, is to have diplomatic staff secure trade deals and foreign government contracts for UK firms. Speaking at the time, Lammy said his department would embark on a “new partnership between government and business”.
Now, the Foreign Office has partnered with City firms to pursue the “competitive edge” for the UK in the technology race between nations.
Professional services, such as those from the Big Four, have been investing billions of pounds in AI.
The ‘first-of-its-kind’ “buddy scheme” meeting on Tuesday focused on how AI can be used to drive economic growth. This session was led by the department’s head of strategy, and Accenture’s head of public sector strategy, who is also a former diplomat.
The IMF estimates that if AI is fully embraced, it can boost productivity by as much as 1.5 percentage points a year. If fully realised, these gains could be worth up to an average of £47bn to the UK each year over a decade.
Since he assumed the role of Foreign Secretary, Lammy has also established two new teams at the department to drive forward AI opportunities, including exploring how the technology can transform diplomatic work.
Over this week, Lammy was set to meet with the CEOs of top UK companies, including Deloitte, KPMG, Standard Chartered, and the London Stock Exchange Group, to consult on how to represent their interests overseas and work together to drive growth.
“As Foreign Secretary, I have made it my priority to strike a new partnership between businesses and the Foreign, Commonwealth and Development Office to share skills, experience and insights,” he added.