LONDON - Britain is setting up a new Regulatory Innovation Office (RIO) to speed up the approval of new technologies such as artificial intelligence for use in the healthcare, space and drone sectors, in an effort to boost growth.

Britain's new Labour government, elected in July, has promised to increase investment in infrastructure, the transition to a net-zero economy and other areas to lift Britain's economic growth.

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The government said on Tuesday that the new RIO would make it easier for companies to introduce cutting-edge technologies, and it would help set the scene for an international investment summit on Oct 14.

Prime Minister Keir Starmer and finance minister Rachel Reeves will host sovereign wealth funds, businesses and infrastructure funds at that event with the aim of showing the country is "open for business".

British science and technology minister Peter Kyle said the RIO was aimed at ensuring doctors can diagnose illnesses earlier, allow bio-engineers to create cleaner fuels and more pest resistant crops, and ensure drones can be used for delivery in future.

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"We're curbing the burden of red tape so businesses and our public services can innovate and grow, which means more jobs, a stronger economy," he said in a statement.

The RIO, which will work with existing regulators, will soon invite applications for a chair to lead it, the statement added.