The summit, which will take place in the autumn, will bring together tech companies and various countries.

Rishi Sunak wants to position the UK as an AI world leader, leading the way on issues such as its regulation, and spoke to president Biden about his wishes this week, in his visit to the US.

Speaking to reporters on why a “mid-sized country” like Britain should lead the way on AI regulation, the prime minister said that “this mid-size country is the only country other than the US that has brought together the three leading companies with large language models”.

The summit will look at a range of issues including the risks of AI and discuss how they can be mitigated through internationally coordinated action. 

It will also provide a platform for countries to work together on further developing a shared approach to mitigate these risks.

The UK says it is well-placed to convene talks on the future of AI, pointing out that its AI sector already contributes £3.7 billion to the UK economy and employs 50,000 people across the country.

Sunak said: “AI has an incredible potential to transform our lives for the better. But we need to make sure it is developed and used in a way that is safe and secure.

“Time and time again throughout history we have invented paradigm-shifting new technologies and we have harnessed them for the good of humanity. That is what we must do again.

“No one country can do this alone. This is going to take a global effort. But with our vast expertise and commitment to an open, democratic international system, the UK will stand together with our allies to lead the way.”