According to the Barclays Business Prosperity Index survey British businesses invested an average of £236,000 in artificial intelligence (AI) over the past year. Large companies, with over 250 employees, spent an average of around £400,000 on AI and emerging technologies. Medium firms spent £225,500, while small companies invested £125,250. The survey went on to report that 68% of those approached, which included 1,000 decision-makers, have plans to increase their AI budgets next year. Matt Hammerstein, chief executive of Barclays UK corporate banking, said: “Our research suggests that AI is becoming a key tool to drive innovation, encourage investment and upskilling to lift productivity and build confidence in the UK as a global business hub.”
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