Andrew Bailey, Governor of the\u00a0Bank of England, has rebutted fears that AI will lead to widespread unemployment.<\/p>\n\n\n\n
\u201cI\u2019m an economic historian, before I became a central banker. Economies adapt, jobs adapt, and we learn to work with it. And I think, you get a better result by people with machines than with machines on their own,\u201d Bailey told the\u00a0BBC.<\/p>\n\n\n\n
Bailey\u2019s comments come as the latest economic assessment shows that UK businesses investing in AI are expected to see gains in efficiency and output. Utilising AI is anticipated to provide productivity benefits across multiple sectors. <\/p>\n\n\n\n
However, Baroness Stowell of the House of Lords has cautioned that the UK risks \u201cmissing out on the AI goldrush\u201d if it does not act quickly.<\/p>\n\n\n\n
A report from the Lords\u2019\u00a0Communications and Digital Committee\u00a0honed in on large language models and tools like ChatGPT. The report called for updated copyright laws and urged the government to provide clarity on AI regulation\u2014warning too much could hinder AI development in the country.<\/p>\n\n\n\n
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