Chancellor announces £1m Manchester Prize for AI

Key Facts

• His Budget also announced about £900m to set up a AI research resource and develop an "exascale" supercomputer, with initial investments this year.
• 'NOTABLE OMISSIONS' Entrepreneur network Tech Nation said called his Budget "a positive indication of the UK government's commitment to becoming a science and technology superpower".
• Industry body TechUK said he had "put the UK back on the pitch when it comes to the global competition for science and technology", despite "notable omissions and frustrations, such as the lack of a UK semiconductor strategy and the only partial reversal of cuts to the R and D [research and development] tax credit".
• And in a move widely seen as a setback to UK ambitions, chip-design company Arm - whose work is inside many of the world's most popular gadgets - recently chose not to pursue a listing on the London Stock Exchange.

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