The UK on Monday announced an initial £100 million ($124 million) fund to develop the safe and reliable use of artificial intelligence across the economy.
The government said in a statement that foundation models, including large language models like ChatGPT and Google Bard, can be used for a wide range of tasks across the economy.
The new investment will finance the creation of a task force between the government and industry to ensure that there are domestic capabilities and widespread use of secure and dependable foundation models.
"Harnessing the potential of AI provides enormous opportunities to grow our economy, create better-paid jobs, and build a better future through advances in healthcare and security," the UK's Prime Minister Rishi Sunak said.
"By investing in emerging technologies through our new expert taskforce, we can continue to lead the way in developing safe and trustworthy AI as part of shaping a more innovative UK economy," he added.
The adoption of this technology is expected to boost the global gross domestic product by 7% within a decade, making it a crucial opportunity for the growth of the UK economy, according to the statement.