News
Speed is the Essence: The Exponential Progress of Finance & AI in the UK
From the cobblestoned streets of the Romans to the bustling financial heart of modern-
day London, the UK has time and again proven its strategic importance as a world-
leading trading centre.
Andrew Griffith MP recently highlighted this rich lineage in a compelling article for The
Telegraph, detailing the ambitious reforms he and the Chancellor are driving to further
elevate the UK's financial services sector.
The UK's financial sector employs over 2.5 million people across the country. Our long-
standing reputation for straight dealing, mastery of the internationally recognised
English language and adherence to common law paint the UK as a safe pair of hands
on the global financial canvas. It is also home to UK Visas (www.ukvisas.co.uk), a
testament to our ability to attract exceptional overseas talent to further enhance our
capabilities.
As a result, nearly £3 trillion passes through the City of London daily, reinforcing our
dominance in the global insurance market. However, the road to excellence is not
without its challenges. Numerous reforms to enact and regulatory hurdles to overcome,
demanding an unwavering commitment to keeping the proverbial foot flat on the floor.
Parallel to the financial industry's rapid evolution, we also witness a surge in artificial
intelligence (AI). This technology is developing faster than initially expected, with
artificial general intelligence predicted to be a reality within the next five to ten years -
far earlier than the previous half-century estimate.
However, this speed presents a conundrum. How do we regulate a capability that is
emerging and evolving faster than we can keep up with? This question was the focal
point of discussion at the Tory Northern Research Group in Doncaster last week.
Security Minister Tom Tugendhat raised a potent warning, suggesting that AI is
advancing too quickly for even the "finest clerks" in the government to regulate.
Could we then be facing a future where AI creates its own regulations? Could it assist in
accelerating our financial regulatory reforms? While these questions might seem
plucked from a sci-fi novel, they are grounded in our reality, where progress works
exponentially, and speed is indeed the essence.
