Bank of England Governor: AI won’t lead to mass job losses
Andrew Bailey, Governor of the Bank of England, has dismissed concerns that AI could lead to widespread unemployment.
- He believes that economies adapt and jobs adapt, and people work better with machines than with machines alone.
- The latest economic assessment shows UK businesses investing in AI are expected to see gains in efficiency and output.
- However, Baroness Stowell of the House of Lords warns that the UK risks missing out on the AI goldrush if it doesn’t act quickly.
- Both Bailey and the Lords committee agree that the focus should be on harnessing AI’s benefits while managing legitimate risks.
- Financial institutions can benefit from responsible AI adoption, but key roles like Know Your Customer analysts are essential.
