Britain’s economy is showing clearer signs of benefit from the global AI boom. Official data released Thursday showed the information and communications sector contributed almost half of the 0.4% growth recorded in the second quarter, more than any other industry. Within that sector, computer programming, consultancy and related activities — a category that includes AI companies — rose 3.7% on the quarter after a 3.8% gain in the previous period. Investment data also pointed to an AI effect. Spending on plant and machinery reached £22.1 billion in the second quarter, close to a prior record, with strong gains in computer hardware. An ONS spokesperson linked the rise to ICT equipment. Economist Andrew Wishart of Berenberg said the step-up in ICT investment suggests the build-out of computing power for AI is boosting business spending.
Britain’s economy is showing clearer signs of benefit from the global AI boom. Official data released Thursday showed the information and communications sector contributed almost half of the 0.4% growth recorded in the second quarter, more than any other industry. Within that sector, computer programming, consultancy and related activities — a category that includes AI companies — rose 3.7% on the quarter after a 3.8% gain in the previous period. Investment data also pointed to an AI effect. Spending on plant and machinery reached £22.1 billion in the second quarter, close to a prior record, with strong gains in computer hardware. An ONS spokesperson linked the rise to ICT equipment. Economist Andrew Wishart of Berenberg said the step-up in ICT investment suggests the build-out of computing power for AI is boosting business spending.