Robert Peston

I mean, one of the things you've been thinking about, talking about, in fact,

Today is can Europe compete?

And indeed, can the UK compete?

Where, in your view, are we?

And what more do we need to do?

If you think competing matters, which I do.

So you're right that, you know, one of the things that we routinely do in the UK is we come up with brilliant ideas and they turn into businesses.

And then just the moment where they might achieve world scale, they sell out, you know, notoriously DeepMind to Alphabet, Arm to SoftBank and then listed on the, you know, US Stock Exchange.

got right now some amazing young businesses.

I mean, there's this business, Ineffable, which is doing what's known as reinforced learning and is actually trying to make massive knowledge breakthroughs not using large language.

It seems to be a very intriguing business, and it's been valued already at multi-billions.

It's been in existence for literally a few weeks.

We've got Demis Osiris' new business, Isomorphic, which is a cutting-edge business.

development of new medical treatments, again, multi-billion valuation in only a few months.

These are British-based businesses.

Only a fraction of their finance, however, is coming directly from UK institutions, which worries me.

Of course, right?

But there are two, you know, you've got to break that down, right?

so

Of course, the fundamental reason why America leads the world in large language models, AI, is because it has the most important single market in the world.