The loss of the U.K.’s financial power and expertise as a result of Brexit is likely to exacerbate the European Union’s lag in the global technological arms race, according to Anders Borg, a former Swedish finance minister and senior adviser at artificial intelligence company Ipsoft. From a report: “Brexit entails several layers of problems,” Borg said in an interview in Stockholm. “Technological development is being driven by the financial sector and, to a large extent, Europe’s financial sector is London. So it’s not the British financial system that is now being put on hold, it’s Europe’s.” Britain is home to a third of artificial-intelligence startups in Europe, according to a report by MMC Ventures in association with Barclays, which dubs the country “the powerhouse” of European AI. Europe is already slipping behind China and the U.S., which invest much more in AI systems, Borg said. Another key issue involves 5G, which provides the additional bandwidth needed to carry the vast amounts of data necessary for AI development. The networks will form the “backbone” of the new digital economy, Borg said.
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