Economists at the Bank of England recently noted that hiring practices have already started to be affected by investments in AI and factory automation. However, the bank’s head, Andrew Bailey, tells the BBC that rather than replacing people in their jobs, AI will help them and increase productivity.
A House of Lords committee previously stated that it is important to consider the advantages of artificial intelligence. Committee members pointed out in their report that the UK runs the risk of missing out on the AI gold rush and not fully utilizing its potential due to discussions about sci-fi scenarios and existential risks.
These assertions were refuted by the UK Department of Science, Innovation, and Technology, which emphasized that London is already a pioneer in AI research and development. Meanwhile, the ministry representative pointed out that we cannot discuss the future of new technologies until all the risks related to their development have been removed.