The Bank of England chief is quite optimistic regarding the rise of artificial intelligence. He even claimed that AI will not be a "mass destroyer of jobs."
The BOE Gov. Andrew Bailey said this during a major report on artificial intelligence and LLMs (large language models).
A person looks at Wehead, an AI companion that can use ChatGPT, during Pepcom's Digital Experience at the Mirage Resort during the Consumer Electronics Show (CES) in Las Vegas, Nevada on January 8, 2024.
The Lords of Communications and Digital Committee also said that the rise of AI and other similar technologies could produce era-defining changes comparable with the arrival of the internet.
But, should workers really not worry about AI taking over their jobs? Here's what Bailey explained.
BOE Chief Claims AI Will Not Be 'Mass Destroyer of Jobs'
BOE Chief Andrew Bailey said that there is great potential in artificial intelligence, which is why the Bank of England sees the benefits that AI can offer to businesses' productivity soon.
According to BBC News' latest report, almost 1/3 of businesses in the United Kingdom told the Bank of England that they made significant investments in artificial intelligence development and usage in 2023.
"I'm an economic historian before I became a central banker. Economies adapt, jobs adapt, and we learn to work with it," said Bailey.
"And I think, you get a better result by people with machines than with machines on their own. So I'm an optimist..." he added.
BOE said that its business contacts confirmed that their automation and AI investments include labor costs, as well as recruitment costs, meaning that they are not planning to conduct mass layoffs because of artificial intelligence.
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Can the UK take advantage of the AI gold rush?
This illustration photograph taken with a macro lens shows The OpenAI company logo reflected in a human eye at a studio in Paris on June 6, 2023. ChatGPT is a conversational artificial intelligence software application developed by OpenAI.
The Independent UK reported that the United Kingdom has been too focusing on the threats that artificial intelligence could pose, as well as how to ensure the safety of people against these risks.
Because of this, U.K. government officials are said to be missing the benefits that AI and other similar technologies could offer. a House Lords Committee warned that if this continues, then the United Kingdom will likely miss out on the AI gold rush.
But, before the U.K. starts taking advantage of the benefits offered by ChatGPT and other artificial intelligence models, officials need to rebalance their approach to the technology.
Doing this will ensure that they lose their international influence and avoid becoming too dependent on overseas tech companies.
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