Uncategorized

The UK government is set to announce funding for artificial intelligence (AI) and robotics research as part of the government’s strategy to help UK businesses maximize investment and trade opportunities.

Culture Secretary Karen Bradley is expected to make the funding announcement on Wednesday as part of the British government’s digital strategy.

The research, which will be carried out by top British universities, will have a fund of £17.3 million. The grant will come from UK’s Engineering and Physical Sciences Research Council.

The funding support came after recent research revealed the potential long-term impact the AI and robotics field could have on UK’s economy. Accenture, last year, published a report projecting that AI could contribute up to £654 billion to the British economy by 2035.

BenevolentAI CEO Jerome Pesenti, who previously served as chief data scientist at IBM and Computer Scientist Dame Wendy Hall, who is currently a professor at University of Southampton, have been commissioned to review the status of UK’s artificial intelligence sector. The review aims to pinpoint areas of opportunity for UK’s growing AI research industry.

In a statement, Professor Dame Wendy said she was looking forward to exploring collaboration opportunities for the government and the AI sector. She notes that British scientists, researchers and entrepreneurs have been at the forefront of AI research and development.

Demand for British expertise in the artificial intelligence field has skyrocketed in recent years.

In 2014, search giant Google acquired DeepMind, a London start-up that invented a neural network that is capable of that mimicking the short-term memory of the human brain, for $400 million. In 2015, Apple paid $250 million to acquire UK-based start-up, VocalIQ, which specializes in machine learning that enables computers to understand natural human language. Microsoft likewise shelled out $250 million to buy SwiftKey, the London-based developer of a software keyboard with advanced predictive abilities.

A spokesperson for the UK’s Department for International Trade said the government is looking to help UK businesses make the most of trade and investment opportunities through targeted support and business matching.

If you’re looking for additional funding for your project why not speak to a part time financial advisor today

image credit

UK on track to borrow less than projected

The UK government is on track to borrow less than was earlier projected for this financial year, the Office for Budget Responsibility (OBR) said following the publication of the joint statistical bulletin on public finances by the Treasury and Office for National Statistics.

According to the latest data from the Office for National Statistics (ONS), the British government borrowed a total of £49.3 billion between April 2016 and January 2017, the lowest since 2008.

The financial year-to-date borrowing is 22 percent lower compared to figures from the same period in 2015-2016.

The OBR noted that if the government continues to keep borrowing low, the total loaned amount for the year ending March 2017 would be £56 billion, which is £12 billion less than the OBR projected in November. The OBR projected the government’s borrowing to reach £68.2 billion.

The OBR’s mandate is to examine and report on the sustainability of UK’s public finances. As such, it regularly issues analyses on data published by the ONS.

Meanwhile, UK’s finances recorded a £9.4 billion surplus in January, £300 million more than the same period last year.

The month of January typically results in surplus for public finances because it is the time of the year when a large portion of outstanding income taxes are paid. January tax collections have likewise been boosted by corporation tax receipts, but the ONS recently made changes to account for corporation tax payments made throughout the year. This month’s numbers are the first to reflect this change.

For its part, a spokesperson for the Treasury said that it remains committed to returning the public finances to balance, adding that the Treasury is building on their progress over the last six years in bringing down the deficit from 10 percent to 4 percent of the GDP.

Lower government borrowing this year is good news to UK finance minister Philip Hammond as it gives the chancellor some extra wiggle room in the budget, particularly for government priorities like the National Health Service and social care. Hammond is slated to present the budget on March 8th.

If you require the services of an experienced interim finance director then get in touch today.

image courtesy of MoneyMarketing.co.uk

Consumer prices in the United Kingdom (UK) rose 1.8 percent last month hitting its highest level since June 2014, according to the latest figures released by the Office for National Statistics (ONS).

Annual inflation as measured by the Consumer Prices Index (CPI) nudged 0.2 percent higher in January from December’s 1.6 percent. It is the fourth straight month that the CPI has gone up and pushes inflation to its highest point in two and a half years.

The ONS cited rising fuel costs and higher food prices as the two main drivers for the jump.

Analysts were projecting a 1.9 percent rise, but upward inflation pressures were tempered by falling clothing and footwear prices, which declined lower than they did the year before.

January’s inflation figures nudges the rate closer to the Bank of England’s 2 percent target. Forecasters are expecting UK Inflation to rise significantly in 2017 as the pound continues to shed its value against the dollar and the euro, making goods from abroad more expensive to import.

Earlier this month, UK’s central bank said it expects the inflation rate to rise 2.8 percent in the beginning of 2018.

In a separate report, ONS figures showed that prices paid by British manufacturers for fuel and materials ballooned at an annual rate of 20.5 percent in January, marking its sharpest surge since September 2008. This resulted in a 3.5 percent increase in the prices of goods leaving UK factories.Commenting on the rising cost of living in the UK, a Treasury spokesperson said that the government understands the concerns of British families, adding that it is cutting taxes for workers and has frozen duties levied on fuel to help everyday costs low.

Commenting on the rising cost of living in the UK, a Treasury spokesperson said that the government understands the concerns of British families, adding that it is cutting taxes for workers and has frozen duties levied on fuel to help everyday costs low. The move will save the average British driver approximately £130 a year, the spokesman added.

Meanwhile, consumer inflation as measured by the Retail Prices Index (RPI), which factors housing costs, climbed to 2.6% last month from 2.5% in December.

Contact Assured FD Services for expert business financial advice.

Image Credit.

The position of Finance Director (FD) is key for many organisations, as their ability can have a tremendous impact on the stability and future of the business. Financial objectives are often set by the  Chief Executive Officer (CEO) and FD at the beginning of the year, so they have great influence over the strategic direction of their firm. It is even common for an FD to eventually become a CEO due to their ability to provide financial security to the business, so it is clear to see the positive impact an FD might have on an Small to Medium Enterprise (SME).

However, a full time Director comes at a significant cost, so SME’s often attempt to get by without an FD. This can have severe consequences if leadership lack financial expertise. Fortunately, it is possible to employ a part time FD.

As Stuart Smith of Watersmiths Business Services suggests, a part time FD will grant you the opportunity to have someone with a wealth of experience objectively review your organisation. This enables them to review strategic objectives such as cash flow, and make impartial recommendations that meet the needs of the business and are not influenced by existing relationships or loyalties within the organisation.

Employing an FD part time also grants the organisation the flexibility to scale up or down the role depending on growth. If you start to feel the need to create an FD position but the expense is too great to provide a full time role, then creating a part time position is a perfect compromise. If you are able to continue to meet your targets and grow the business, then maybe you might wish to increase your FD’s hours to meet your needs. Similarly, you might feel you find great value in having a superior source of experience within your business and an extra set of eyes and ears to depend on when making strategic decisions. It also gives you the luxury of trialling the candidate to see if they’re a cultural fit for your organisation!

Ultimately, you have a commitment to your stakeholders to ensure that your organisation is as financially secure as possible. If you cannot afford a full time FD or you feel there is no need, then having access to a part time Finance Director is a great solution if you require specialist expertise.

Contact Assured FD Services to find out more.