From two weeks to two hours: how AI might reboot Britain's economy

By William Schomberg and David Milliken

LONDON (Reuters) -When accountants at mid-tier firm Moore Kingston Smith began using artificial intelligence to speed up their work, profit margins jumped.

Colleagues in another team running checks against corporate fraud created a report for customers in two hours, something that previously took two weeks.

The rollout of AI is raising hopes that Britain’s economy can escape the productivity problem that has dogged it for two decades, even as slow growth pushes finance minister Rachel Reeves towards tax hikes in Wednesday’s budget.

Economists say the dominance of services businesses in Britain’s private sector compared to other countries could mean higher rewards if it rapidly adopts AI in powerhouse sectors such as accountancy and finance.

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