Bank Chief: AI will not destroy jobs

The governor of the Bank of England, Andrew Bailey, has stated that artificial intelligence (AI) will not lead to mass job destruction and that humans will learn to work alongside new technologies. While acknowledging the risks associated with AI, Bailey believes there is great potential in its use. The Bank’s latest assessment of the UK economy reveals that businesses are already seeing benefits to productivity through automation and AI investments. A committee in the House of Lords has also emphasized the need to focus on the positive aspects of AI rather than solely on its risks. The committee’s report highlights the importance of embracing AI to avoid missing out on its potential benefits. However, concerns have been raised regarding copyright issues related to AI, particularly in relation to large language models (LLMs) that rely on existing digital information. The committee is calling for clarity on copyright rules and for the government to address this issue. The UK government has stated that it is already supporting AI research and development and is committed to addressing the risks associated with AI while promoting innovation.