December 17, 2024

A Lords Guide to Regulating AI: pro-innovation can be pro-regulation

In this article:

Pro-Innovation Through Regulation: Lord Christopher Holmes emphasizes that a pro-innovation stance doesn’t equate to minimal regulation. Instead, “right-sized, clear, and consistent” regulation can protect consumers, benefit innovators, and attract inward investment, ultimately fostering innovation.
Government’s Evolving Stance: While initially supportive of the AI Bill during their time in opposition, the current UK government appears to have retreated from legislative efforts. Lord Holmes notes the absence of AI-focused legislation in the King’s Speech and a lack of proactive steps toward formal regulation.
Potential Narrow Legislation: Lord Holmes foresees the government possibly introducing a narrowly focused bill targeting existential threats and major players in West Coast American tech, which, while important, may not address the broader regulatory landscape.
Balancing Innovation and Protection: Holmes stresses the importance of a balanced approach where regulation not only addresses significant risks but also provides the certainty needed to promote AI innovation in the UK.
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https://www.finextra.com/blogposting/27462/a-lords-guide-to-regulating-ai-pro-innovation-can-be-pro-regulation

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