The Job Apocalypse: AI’s Impact on Employment

Artificial Intelligence (AI) isn’t poised to become the “mass destroyer of jobs,” asserts Bank of England Governor Andrew Bailey, who believes in the symbiotic relationship between humans and new technologies

CREDIT: This is an edited version of an article that originally appeared on BBC News 

Bailey asserts that while AI presents risks, it also holds immense potential. Almost a third of businesses have made significant AI investments in the past year, indicating widespread anticipation of productivity benefits. Bailey, with a background in economic history, remains optimistic, highlighting the synergy between human expertise and machine capabilities.

 The AI rush

The UK faces the prospect of missing out on the AI boom, according to a report from the Lords Communications and Digital Committee. While acknowledging concerns over AI’s potential pitfalls, the committee deems some warnings exaggerated. It focuses on large language models (LLMs), which power generative AI tools like ChatGPT, renowned for their human-like responses. However, there are apprehensions, notably regarding job displacement and existential threats.

Fostering innovation, ensuring safety

Baroness Stowell urges caution against excessive regulation, advocating for the UK to remain competitive in AI development. Emphasising the need for balance, she warns against becoming solely focused on safety, stressing the importance of being at the forefront of technological progress.

Navigating copyright challenges

The Committee raises concerns about copyright issues in AI, particularly regarding LLMs’ reliance on existing digital content. Legal disputes, such as Getty Images’ action against Stability AI, highlight the ambiguity surrounding intellectual property rights. The Committee calls for government intervention to clarify regulations, emphasising the need to protect rightsholders from exploitation.

While the government asserts the UK’s leadership in AI research and development, it acknowledges the necessity of addressing safety concerns. Striking a balance between innovation and regulation is paramount as the UK navigates the AI landscape, ensuring responsible integration and maximising societal benefits.