The UK is setting up a new Regulatory Innovation Office (RIO) to speed up the approval of new technologies such as artificial intelligence in healthcare, space and drones, in an effort to promote economic growth. The new British Labor government, elected in July this year, promised to increase investment in infrastructure, the transition to a net-zero economy and other areas to enhance the UK's economic growth.
The British government said on Tuesday that the new RIO will make it easier for companies to introduce cutting-edge technology and will help prepare for the International Investment Summit on October 14.
British Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves will host sovereign wealth funds, corporate and infrastructure funds at the summit, aiming to demonstrate the UK's "openness for business" attitude.
British Science and Technology Minister Peter Kyle said that RIO aims to ensure that doctors can diagnose diseases earlier, allow bioengineers to create cleaner fuels and crops that are more resistant to pests, and ensure that drones can be used for delivery in the future.
"We are easing the burden of red tape so that businesses and our public services can innovate and grow, which means more jobs and a stronger economy," he said in a statement.
The statement also said that RIO will work with existing regulators and will soon invite applications for the chairmanship.