Artificial Intelligence (AI) will not be a “mass destroyer of jobs” and human workers will learn to work with new technologies, the governor of the Bank of England has told the BBC.
Governor Andrew Bailey said while there are risks with AI, “there is great potential with it”.
The Bank says businesses expect to see the benefits to productivity soon.
The Bank says businesses expect to see the benefits to productivity soon.
Mr Bailey added “I’m 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. So I’m an optimist…”
In its latest assessment of the UK economy the Bank’s business contacts said that automation and AI investment was already “containing recruitment and labour costs” in a tight labour market.
Mr Bailey’s comments come as a committee that sits in the House of Lords says that we should embrace the positives of AI rather than just focus on its risks.
The committee’s chair Baroness Stowell told the BBC that talk of “existential risks and sci-fi scenarios” should not get in the way of reaping the rewards of AI.
Artificial Intelligence (AI) will not be a “mass destroyer of jobs” and human workers will learn to work with new technologies, the governor of the Bank of England has told the BBC.
The Bank says businesses expect to see the benefits to productivity soon.
Governor Andrew Bailey said while there are risks with AI, “there is great potential with it”.
Mr Bailey added “I’m 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. So I’m an optimist…”
The Bank says businesses expect to see the benefits to productivity soon.
The Bank says businesses expect to see the benefits to productivity soon.
Mr Bailey added “I’m 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. So I’m an optimist…”
In its latest assessment of the UK economy the Bank’s business contacts said that automation and AI investment was already “containing recruitment and labour costs” in a tight labour market.
Mr Bailey’s comments come as a committee that sits in the House of Lords says that we should embrace the positives of AI rather than just focus on its risks.
The committee’s chair Baroness Stowell told the BBC that talk of “existential risks and sci-fi scenarios” should not get in the way of reaping the rewards of AI.
#mass #destroyer #jobs #Bank #chief
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
