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UK reviews AI development: It can ‘drive substantial economic growth’


After investigating the effects of technology on consumers and the economy, the UK’s Competition and Markets Authority (CMA) shifted its focus to artificial intelligence (AI).

On May 4, the regulator said it would be looking at the development and deployment of foundation models — applications like OpenAI’s ChatGPT — against key principles. Those include safety, transparency, fairness and accountability, among others.

Related: Will ChatGPT be banned?

Sarah Cardell, the chief executive of the CMA, commented that since AI tools “burst” into the public sphere, regulators have had their eye on it.

It’s a technology developing at speed and has the potential to transform the way businesses compete as well as drive substantial economic growth.

She   said that it is “crucial” for consumers and businesses in the UK to have access to the potential advantages of AI technologies while being protected against false information. Artificial intelligence-generated fakes have already begun to proliferate online, leading to litigation.

Related: The UK as a Web3 innovation Hub: Coinbase

The market competition for AI foundation models and their application will be examined in the initial evaluation. Regulators plan to keep an eye on how they can grow and present opportunities, as well as threats to consumers and the competition.

The CMA says its goal is to help the technology develop in ways that “ensure open, competitive markets and effective consumer protection.“


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