Britain has expanded its principles-based approach to AI regulation, which aims to create a pro-innovation edge over the EU. In an announcement yesterday, the UK government unveiled seven new for so-called foundation models (FMs), which underpin applications such as ChatGPT, Google’s Bard, and Midjourney. Trained on immense datasets and adaptable to various applications, these systems are at the epicentre of the AI boom. Their power has also sparked alarm. Critics warn that FMs can amplify inequalities, spread inaccurate information, and leave huge carbon footprints. The new are designed to mitigate these risks. Yet they also aim to spur innovation,…This story continues at The Next Web