Support from the CEO of XTX Markets

The government’s AI Action Plan correctly highlights opportunities for AI-powered growth, but this can only happen if we get the fundamentals right:

* There is no generic “AI” educational pipeline that avoids building deep, foundational knowledge in maths and computer science.

* The UK is massively under-investing in mathematical sciences research, which generates discoveries and talent for AI-powered growth. The government has to stop cutting CDTs, DTP etc, and it should commit major funding to maths research. XTX is donating ~£10m per year for maths PhDs and postdocs (https://lnkd.in/gT4Ps594 etc), but the government should increase this 10x.

* Point 18 in the AI Action Plan … already exists. XTX launched the BIG Program with Global Talent Fund(https://lnkd.in/g5yQUDC2) last year, and we have committed funding for 50 international science olympiad medallists annually to study at Cambridge, Oxford, Imperial etc. We asked the Conservative government to co-fund the BIG Program. They declined, but we are still open to it.

As well as attracting global talent from overseas, we also need a world-leading school system and more home-grown talent. This time last year, we wrote a note for Labour Party (https://lnkd.in/gWmJF-Dv ) on the opportunities to create a school system that excels in maths. As of today, the direction of travel is not looking good:

* We should iterate on what works. Instead of building on the progress of the last 30 years, the Children’s Wellbeing and Schools Bill looks like a huge step backwards. Taking away flexibility from academies on curriculum and teacher pay is ‘levelling down’. This is especially difficult for maths, where we have under-recruited teachers every year for a decade.

* Standards in maths have been increasing generally and it is now the most chosen A-level. The Curriculum and Assessment review is a great opportunity to keep making things better. A-level maths is not for everyone, but we should be enabling all students to learn hard maths, not short-changing them with “relevant topics” like mortgages and recipes

* The specialist maths schools are exceptional. King’s Maths School and Exeter Maths School are top-rated sixth forms, with amazing value add scores and Oxbridge entry. Government should commit to on-going core funding and “un-pause’ its decisions on new schools for Durham and Nottingham. XTX donates ~£1.5m annually to the Maths School Network (https://umaths.ac.uk/) for curriculum and outreach, but core funding is crucial.

Alexander Gerko
CEO at XTX Markets