Bank of England governor delivers warning over AI’s impact on jobs
Bank of England governor likens rise of AI to modern Industrial Revolution
- The Governor of the Bank of England, Andrew Bailey, has warned that the UK must prepare for significant job displacement due to the rapid advancement of artificial intelligence (AI).
- Mr Bailey compared the potential societal shifts caused by AI to those experienced during the Industrial Revolution, noting that while it didn't cause mass unemployment, it did displace people from jobs.
- He suggested that individuals with training, education, and skills related to AI would find it easier to secure employment in the evolving job market.
- Despite the displacement concerns, Mr Bailey acknowledged AI's "pretty substantial" potential to improve the nation's economy, though he stressed that its full impact would take time to materialise.
- A Microsoft study identified job roles most at risk from AI, with interpreters and translators (98 per cent overlap), historians (91 per cent), mathematicians (91 per cent), writers (85 per cent), and journalists (81 per cent) showing high overlap with AI capabilities.