The UK and US have agreed a Tech Prosperity Deal, which is focussed on developing the fastest growing technologies like AI, quantum and nuclear.

American tech companies like Microsoft, NVIDIA, Google, OpenAI and CoreWeave have committed a combined £31 billion to boost the UK’s AI infrastructure and cutting-edge tech.

The two countries have agreed to put joint resources and expertise into making emerging technologies a shared success for British and American people.

For example, millions of patients could receive life-saving treatments more quickly, with a partnership to develop revolutionary quantum computers and open new avenues to use AI in targeted treatments which can aid drug discovery.

Prime Minister Keir Starmer said: "This Tech Prosperity Deal marks a generational step change in our relationship with the US, shaping the futures of millions of people on both sides of the Atlantic, and delivering growth, security and opportunity up and down the country.

"By teaming-up with world-class companies from both the UK and US, we’re laying the foundations for a future where together we are world leaders in the technology of tomorrow, creating highly skilled jobs, putting more money in people’s pockets and ensuring this partnership benefits every corner of the United Kingdom."

Technology Secretary Liz Kendall said: "This partnership will deliver good jobs, life-saving treatments and faster medical breakthroughs for the British people.

"Our world-leading tech companies and scientists will be working together to transform lives across Britain.

"This is a vote of confidence in Britain’s booming AI sector – building on British success stories such as Arm, Wayve and Google Deepmind – that will boost growth and deliver tens of thousands of skilled jobs."