1 00:00:00,080 --> 00:00:04,360 Speaker 1: We're joined now by Jeremy Hunt, British Chancellor of the Exchequer. Chancellor, 2 00:00:04,400 --> 00:00:07,480 Speaker 1: thank you so much for joining us when you look 3 00:00:07,520 --> 00:00:10,239 Speaker 1: at what's going on in Ukraine and the concerns from 4 00:00:10,520 --> 00:00:13,640 Speaker 1: US legislatures. I want to know from you, as I'm 5 00:00:13,680 --> 00:00:16,360 Speaker 1: experiencing with some conversations in New York alongside the U 6 00:00:16,440 --> 00:00:19,400 Speaker 1: and General Assembly, this idea of war fatigue. Are you 7 00:00:19,440 --> 00:00:22,240 Speaker 1: seeing that in United Kingdom as well? 8 00:00:22,360 --> 00:00:24,800 Speaker 2: We're not. But what I would say to our friends 9 00:00:24,800 --> 00:00:28,400 Speaker 2: in America is we are incredibly grateful for the global 10 00:00:28,520 --> 00:00:31,640 Speaker 2: leadership that the United States has shown when it comes 11 00:00:31,640 --> 00:00:35,880 Speaker 2: to the Ukraine conflict. And I don't think there's a choice, 12 00:00:35,920 --> 00:00:38,320 Speaker 2: you know, either we focus on Ukraine or we focus 13 00:00:38,360 --> 00:00:41,479 Speaker 2: on China. The truth is that when you have an 14 00:00:41,520 --> 00:00:46,360 Speaker 2: aggressor who does something completely unacceptable, tries to tear up 15 00:00:46,479 --> 00:00:50,519 Speaker 2: international borders, if you're weak when that happens, then you 16 00:00:50,560 --> 00:00:53,280 Speaker 2: are making the likelihood of conflicts in other parts of 17 00:00:53,320 --> 00:00:56,920 Speaker 2: the world even higher. And so that's why I think 18 00:00:57,240 --> 00:01:00,120 Speaker 2: the more the international community stands together when it comes 19 00:01:00,160 --> 00:01:03,440 Speaker 2: to Ukraine, the less likely we'll have problems elsewhere. 20 00:01:05,560 --> 00:01:07,720 Speaker 3: Chancellor. Next month, the UK will be leading the first 21 00:01:07,760 --> 00:01:12,040 Speaker 3: global summit on AI in November. It's going to be happening. 22 00:01:12,080 --> 00:01:14,840 Speaker 3: We're talking about artificial intelligence just about every day here 23 00:01:14,920 --> 00:01:18,200 Speaker 3: in Washington. I wonder who's going to be attending the summit. 24 00:01:18,200 --> 00:01:19,839 Speaker 3: We'll China have a seat at the table. 25 00:01:21,120 --> 00:01:24,000 Speaker 2: We'll invite them. They won't come to all the discussions, 26 00:01:24,000 --> 00:01:27,199 Speaker 2: but you need to have a dialogue with countries like China. 27 00:01:27,200 --> 00:01:29,600 Speaker 2: They're not going to go away. And there may be 28 00:01:29,720 --> 00:01:32,560 Speaker 2: things that we can work together with China on, but 29 00:01:33,200 --> 00:01:34,920 Speaker 2: you know, we have to be very realistic and we 30 00:01:35,000 --> 00:01:37,520 Speaker 2: have to have those discussions with our eyes open. What 31 00:01:37,560 --> 00:01:39,920 Speaker 2: we're trying to see is if we can get a 32 00:01:39,959 --> 00:01:44,119 Speaker 2: global consensuus on how to make sure that artificial intelligence 33 00:01:45,000 --> 00:01:48,320 Speaker 2: remains a massive force for good in the world, which 34 00:01:48,360 --> 00:01:51,600 Speaker 2: I truly believe it can be. But then if you're 35 00:01:51,640 --> 00:01:53,800 Speaker 2: going to do that, where you put the guardrails in 36 00:01:54,280 --> 00:01:57,720 Speaker 2: to stop it going wrong. And the UK has just 37 00:01:57,800 --> 00:02:01,760 Speaker 2: become the third trillion dollar tech economy globally. We have 38 00:02:01,920 --> 00:02:05,880 Speaker 2: more unicorns, you know, these billion dollar companies than anywhere 39 00:02:05,920 --> 00:02:09,920 Speaker 2: else in Europe. So we are very keen to bring 40 00:02:09,960 --> 00:02:12,640 Speaker 2: together all our friends and indie people whose values we 41 00:02:12,680 --> 00:02:17,040 Speaker 2: don't share, to try and manage this next huge development 42 00:02:17,120 --> 00:02:18,680 Speaker 2: in humanities tech journey. 43 00:02:19,200 --> 00:02:21,480 Speaker 1: I used to walk by the Silicon roundabout a lot, 44 00:02:21,600 --> 00:02:24,320 Speaker 1: but right now you're actually dealing with the titans of 45 00:02:24,360 --> 00:02:27,799 Speaker 1: Silicon Valley in California. Have you convinced any of them 46 00:02:28,120 --> 00:02:29,799 Speaker 1: to come to the summit in the United Kingdom? 47 00:02:30,760 --> 00:02:32,400 Speaker 2: I think we're going to get most of them coming 48 00:02:33,680 --> 00:02:37,120 Speaker 2: to you right Well, actually he's someone I haven't spoken to, 49 00:02:37,240 --> 00:02:39,640 Speaker 2: but he'd be very very welcome. But I just say this, 50 00:02:39,800 --> 00:02:43,400 Speaker 2: you know the you know, we are Europe's Silicon Valley. 51 00:02:43,440 --> 00:02:46,079 Speaker 2: Now since you lived in London and Marie, there's been 52 00:02:46,080 --> 00:02:50,880 Speaker 2: a huge tech explosion, and you know, we are really 53 00:02:51,000 --> 00:02:53,160 Speaker 2: proud to be able to make a good contribution to 54 00:02:53,200 --> 00:02:57,160 Speaker 2: this debate. It's much better that we try and grip 55 00:02:57,200 --> 00:02:59,680 Speaker 2: this right from the outset. And I think, you know, 56 00:02:59,720 --> 00:03:03,399 Speaker 2: from the point of view of investment going forward, investors 57 00:03:03,600 --> 00:03:07,760 Speaker 2: want to see that governments have figured all this stuff out, 58 00:03:08,200 --> 00:03:09,920 Speaker 2: and then when they do, they're going to start to 59 00:03:09,919 --> 00:03:12,880 Speaker 2: put in really huge sums of the money. At the moment, 60 00:03:12,919 --> 00:03:15,240 Speaker 2: we're getting a lot of money going being spent by 61 00:03:15,280 --> 00:03:19,000 Speaker 2: the really big players, and we've got quite a few startups. 62 00:03:19,160 --> 00:03:22,000 Speaker 2: But if we're really going to make this huge opportunity 63 00:03:22,000 --> 00:03:24,840 Speaker 2: it can be. Then we need to get some kind 64 00:03:24,880 --> 00:03:26,880 Speaker 2: of consensus about how to keep it safe. 65 00:03:28,480 --> 00:03:31,240 Speaker 3: Last question, Chancellor, the UK cap rates on change today, 66 00:03:31,280 --> 00:03:33,400 Speaker 3: is that the end of what seemed to be an 67 00:03:33,480 --> 00:03:35,680 Speaker 3: endless cycle of hikes. 68 00:03:35,920 --> 00:03:38,800 Speaker 2: Well, you know, just like the US, these things are 69 00:03:38,840 --> 00:03:43,480 Speaker 2: decided independently. I hope it is, but obviously I have 70 00:03:43,480 --> 00:03:45,080 Speaker 2: to leave it to the experts in the Bank of 71 00:03:45,080 --> 00:03:47,800 Speaker 2: England to make the final decision. But I think both 72 00:03:47,800 --> 00:03:50,000 Speaker 2: in the UK and the US, what you can see 73 00:03:50,080 --> 00:03:53,280 Speaker 2: is that if you take corrective action and if you 74 00:03:53,400 --> 00:03:57,120 Speaker 2: stay the course, you can get inflation down. And in 75 00:03:57,160 --> 00:04:01,240 Speaker 2: both our countries it's definitely peaked, but it's just so 76 00:04:01,520 --> 00:04:04,760 Speaker 2: painful getting the inflation out of your system. And I 77 00:04:04,800 --> 00:04:07,440 Speaker 2: think the lesson here is we've just got to stick 78 00:04:07,480 --> 00:04:09,840 Speaker 2: at it and then we can get back to the 79 00:04:09,920 --> 00:04:13,920 Speaker 2: decent growth levels that we all want higher for longer. 80 00:04:14,440 --> 00:04:17,240 Speaker 3: Jeremy Hunts, British Chancellor of the Exchequer, we thank you 81 00:04:17,600 --> 00:04:18,559 Speaker 3: for joining us today.