Andrew Bailey, Governor of the Bank of England, has rebutted fears that AI will lead to widespread unemployment.

“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,” Bailey told the BBC.

Bailey’s 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.  

However, Baroness Stowell of the House of Lords has cautioned that the UK risks “missing out on the AI goldrush” if it does not act quickly.

A report from the Lords’ Communications and Digital Committee honed 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—warning too much could hinder AI development in the country.

Both Bailey and the Lords committee seem to agree that the focus should be on harnessing the upsides of AI while managing legitimate ri