The UK technology industry has expressed mixed feelings about the King’s Speech, which was missing an anticipated announcement for a new AI Bill.

The government instead explained in vague terms that it will seek to establish the “appropriate legislation” to place requirements on companies developing the "most powerful AI models".

The plans echo those outlined in Labour's manifesto, which said that a Labour government would ensure the safe development and use of AI models by introducing "binding regulation on the handful of companies developing the most powerful AI models".

Chief executive and co-founder of Iris.ai , which develops AI for scientific text understanding, said that the technology being brought up at such as early stage by the new Labour government shows that “AI regulation is a top priority”.

“This is a positive step, recognising the urgency and importance of governing this rapidly evolving technology,” continued. Anita Schjøll Abildgaard. “The UK, however, need not reinvent the wheel.

"The EU AI Act has already made significant strides in balancing innovation with responsible oversight. By aligning its approach with these efforts, the UK can not only promote global coherence in AI governance but also enhance international collaboration.”

While many welcomed Labour's hint about its approach to AI moving forward, some companies were concerned about the government's focus on those creating the most powerful models.

Adam Leon Smith, AI standards expert at BCS, The Chartered Institute for IT, called on the government to avoid focusing too narrowly on a handful of companies.

"Most IT experts' concerns are not that AI is too powerful but that basic guardrails are not in place," explained Smith. "There must be high professional standards to ensure AI is directed and developed by individuals who adhere to agreed measures of competence and ethics."

Following the King's Speech, Hugo Delamain, head of product at global consultancy Q5, said that there is a risk that a gap between both the UK and Europe lagging behind the US could widen if the right legislative and investment environment is not created.

"It's not clear who the legislation would impact as none of the major players are developing large language models in the UK," added Delamain. "The legislation needs to facilitate the development of new use cases and businesses or there won't actually be anything to regulate."

Mark Jones, partner at solicitors Payne Hicks Beach said that in a world where advances are made of all the time, he is unsure how the government will achieve its plan to roll out regulation for a select group of companies making the most powerful AI models.

But Leigh Bates, technology, data and AI partner at PwC said that while the focus at this stage is likely to be on a relatively small number of actors, Labour's legislation has the "potential to have much wider effects on firms building on top of these models and deploying them across various applications".

"As other jurisdictions, such as the EU with its AI Act, advance their legal frameworks for AI it is clear that the regulatory approach towards AI will continue to evolve in the UK and globally," he continued.

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