The UK's first minister for AI and intellectual property, Viscount Jonathan Camrose, told the gathered throngs at a Financial Times conference that there would be no UK law on AI "in the short term" because the government was concerned that heavy-handed regulation could curb industry growth.

The announcement comes as executives and policymakers worldwide debate how to regulate the emerging technology, which holds the promise of transforming many industries and driven the rise in large tech company valuations over the past year.

The EU has led the field, with its legislation on AI regulation expected to come into force before the end of this year. Beijing is implementing measures to regulate the industry, and US President Joe Biden issued an executive order to promote "responsible innovation."

Camrose added: "I would never criticise any other nation's act on this. But there is always a risk of premature regulation."

In rushing to introduce industry controls, "you are not making anybody as safe as it sounds. You are stifling innovation, an important part of the AI equation."