British firms are already reaping the benefits of AI, says Lloyds
British firms are set to ramp-up investment in artificial intelligence over the next year, with four in five early adaptors already enjoying a boost to productivity, according to Lloyds Bank.
Almost 60 per cent of firms are already embracing AI, according to the bank's Business Barometer survey, 82 per cent of which say it has boosted productivity.
Productivity was also the biggest driver of AI investment (46 per cent), Lloyds said, followed by profitability (41 per cent) and the need to compete with larger rivals (31 per cent).
Over half (56 per cent) of British businesses intend to make fresh AI investments over the next year, and a quarter of 'non-adopters' plan to start using the technology for the first time.
However, only around one in six firms (17 per cent) expect to create new AI-specific roles at their organisation.
Among those who have not started using AI, 42 per cent said the biggest barrier was the cost of technology, while 32 per cent claimed it was the absence of AI-specific skills.
Boost: More than four in five UK companies utilising artificial intelligence say it has improved their productivity, according to a Lloyds Bank survey
To raise the chances of increasing AI investment, 48 per cent of companies suggest having a better understanding of AI and how it could benefit them.
Hann-Ju Ho, senior economist at Lloyds, said: 'AI is enhancing two pillars of business growth: productivity and profitability.
'Our data suggests that up to a quarter of businesses not currently using AI will adopt it by this time next year, with significant degrees of follow-on investment planned from current adopters.
'As businesses explore how to unlock more of AI's benefits, they will look to others for inspiration and support.
'Collaboration and experience-sharing will play a central role in fully capitalising on the technology's potential while keeping up to date with the latest iterations.'
Last year, Microsoft estimated that the UK could add £550billion to its gross domestic product by 2035 by embracing AI and cloud technology, equivalent to a 2 per cent rise in annual growth rates.
By comparison, delaying the rollout of AI over the coming five years could cost the country £150billion.
The US tech giant said AI had the potential to accelerate the development of new science and technology, create entirely new products and services, and save time for individual workers.
Britain's AI market was valued at £72.3billion in 2024, the world's third-largest after the United States and China, according to the UK Government.
Prominent names in the British AI sector include chipmaker Graphcore, Wayve, which makes technology for self-driving vehicles, and Deepmind, whose parent company is Google owner Alphabet.
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