BRITISH firms could unlock a staggering £105 billion in extra revenue by adopting artificial intelligence, a new study shows.
Thirty-five thousand mid-sized companies will receive the major boost by 2030 by bringing in AI into their workplace for core operations – rather than simple tasks like drafting emails.
The research comes after Chancellor Rachel Reeves says the UK will be the fastest adopter of AI in the G7 advanced countries.
She has insisted that AI is one of her three big choices for growth alongside deeper ties with the EU and bringing growth to every part of Britain.
The study shows that fifty-five per cent of mid-sized firms were using AI by the end of last year, up from just over a third two years ago, HSBC research found.
Such firms have a turnover between £15 million and £300 million and generated 23 per cent more value per worker than the wider economy.
The analysis comes as the bank launches a £5 billion AI fund to help businesses invest in their future.
The research was commissioned by the bank with the Centre for Economics and Business Research last month.
Nina Skero, Chief Executive at Cebr, said: “Our findings show AI is beginning to influence productivity outcomes in the UK mid-market in a meaningful way.
“However, productive adopters remain a minority within the mid-market. That suggests there is still significant headroom for gains across the sector.
“If more firms move from initial adoption to deeper integration, the aggregate impact on UK productivity and national output could be substantial by the end of the decade.”
James Cundy, Head of Corporate Banking and Structured Finance at HSBC UK, said: “Mid-sized businesses play a central role in UK growth. Our findings suggest AI adoption could strengthen one of the economy’s most important growth engines.
“The opportunity is significant, but it requires confidence to invest. Our focus is on supporting businesses as they invest in the technology, skills and innovation that will shape the UK’s next phase of growth.”
“Through HSBC UK’s new initiative, businesses can access funding on commercial terms to build the skills, systems and technology they need to enhance productivity.”
