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Rishi Sunak has vowed to tackle fears around artificial intelligence (AI) “head-on” as the government prepares to host a world-first global safety summit.

The prime minister has made taking advantage of the fast-improving technology, while also regulating against its potential dangers, a focus since taking office last year.

In a speech on Thursday, he announced he would establish the world’s first AI safety institute in the UK to explore “all the risks – from social harms like bias and misinformation through to the most extreme risks”.

And he said their work would be shared around the world, for both “moral” and “economic” benefits.

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Mr Sunak’s pledges came as the government published a first-of-its-kind paper into its capabilities and risks.

The prime minister acknowledged the “dangers and fears” AI brings – with concerns around misinformation and deepfakes, job losses, and a threat to human life itself all cited by experts in recent months.

In his speech, he said that while the technology offered opportunities for economic growth and advances in human capability, it also brought new challenges.

“The responsible thing for me to do is to address those fears head-on,” he said.

“Giving you the peace of mind that we will keep you safe, while making sure you and your children have all the opportunities for a better future that AI can bring.”

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Highlighting the positives of the technology, the prime minister pledged a further £100m of investment to “accelerate the use of AI on the most transformational breakthroughs in treatments for previously incurable diseases”, such as aggressive cancers and dementia.

He added: “I believe nothing in our foreseeable future will be more transformative for our economy, our society and all our lives than this technology. But in this moment, it is also one of the greatest tests of leadership we face.

“It would be easy to bury our heads in the sand and hope that it’ll turn out all right in the end, to decide it’s all too difficult or that the risks of political failure are too great to put short term demands ahead the long term interests of the country.

“But I won’t do that. I’ll do the right thing, not the easy thing. I’ll always be honest with you about the risks. And you can trust me to make the right long term decisions.”

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Sunak hails the potential of AI

Next week’s AI Safety Summit at Bletchley Park, home of Britain’s Second World War codebreakers, will see other world leaders and tech bosses unite to discuss how the technology should be regulated.

It will focus on the misuse of it by bad actors, such as to carry out cyberattacks or develop bioweapons, and the threats posed by the loss of control of AI.

Talks will also cover its impact on wider society, such as in elections.

Mr Sunak has already met several leading figures working in AI development, including the bosses of ChatGPT creator OpenAI and UK-based Google DeepMind.

Thursday’s paper, which includes assessments from UK intelligence agencies, will form part of the discussions.

Technology Secretary Michelle Donelan will open the summit next Wednesday, 1 November.

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Bank of Canada just says no to retail CBDC in reshuffling of priorities

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Bank of Canada just says no to retail CBDC in reshuffling of priorities

Regulating and speeding up payments without a CBDC are more important to the Canadian central bank.

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SEC approves options for BlackRock’s spot Bitcoin ETF

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<div>SEC approves options for BlackRock's spot Bitcoin ETF</div>

The SEC notice seemed to be an industry first after the commission approved the listing and trading of spot Bitcoin exchange-traded funds on US exchanges in January.

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Farage: It’s possible I could become PM

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Farage: It's possible I could become PM

Nigel Farage has spoken about his aspirations as Reform UK party leader and insists he could become prime minister.

He told Sky’s political correspondent Darren McCaffrey the prospect of taking over at Number 10 at some point “may not be probable, but it’s certainly possible”.

In an interview on the sidelines of the Reform UK annual conference in Birmingham, he also described his intention to change the party and make it more democratic.

“I don’t want it to be a one man party. Look, this is not a presidential system. If it was, I might think differently about it. But no, it’s not. We have to be far more broadly based,” he said.

He also accepted there were issues with how the party was perceived by some during the general election.

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Highlights of Farage’s conference speech

“We had a problem,” he admitted. “Those that wished us harm use the racist word. And we had candidates who genuinely were.”

Earlier the party leader and Clacton MP gave his keynote speech at the conference, explaining how they intend to win even more seats at the next general election.

He also called out the prime minister for accepting free gifts and mocked the candidates in the Tory leadership race.

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Farage jokes about PM accepting gifts

But he turned to more serious points, too – promising that Reform UK will “be vetting candidates rigorously at all levels” in future.

Addressing crowds in Birmingham, Mr Farage said the party has not got “time” or “room” for “a few extremists to wreck the work of a party that now has 80,000 members”.

Farage says Reform UK needs to ‘grow up’

By Darren McCaffrey, political correspondent in Birmingham

Reform and Nigel Farage can hardly believe their success.

Perhaps unsurprising, given they received over four million votes and now have five MPs.

But today this is a party that claims it has bigger ambitions – that it’s fighting for power.

Having taken millions of votes from the Conservatives, the party thinks it can do so with Labour voters too.

Reform finished second in 98 constituencies, 89 of them are Labour seats.

But it is a big ask, not least of all because it is a party still dominated by its controversial leader and primarily by one majority issue – migration.

Nigel Farage says the party needs to grow up and professionalise if it has a chance of further success.

This is undoubtedly true but if Reform is going to carry on celebrating, they know it also has to broaden its policy appeal beyond the overwhelming concern of its members.

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“The infant that Reform UK was has been growing up,” he said in his speech and pointed towards the success of the Liberal Democrats at the general election.

He told delegates his party has to “model ourselves on the Liberal Democrats” which secured 72 seats on a smaller popular vote share than Reform UK.

He said: “The Liberal Democrats put literature and leaflets through doors repeatedly in their target areas, and despite the fact they haven’t got any policies at all. In fact, the whole thing’s really rather vacuous, isn’t it? But they manage with a vote much lower than ours to win 72 seats in parliament.”

Reform won more than four million votes in July, and 14% of the vote share – more than the Lib Dems.

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