Governor Andrew Bailey has affirmed the House of Lords’ perspective that AI technology should be viewed positively, rather than as a threat to business. In a discussion with the BBC, Bailey emphasized that AI will not act as a "mass destroyer of jobs," asserting that human adaptability to new technologies will unlock significant potential.
The Bank of England predicts that companies that have already embraced AI will soon reap the rewards in productivity. Bailey, drawing from his background as an economic historian, stated, "Economies adapt, jobs adapt, and we learn to work with it. You get a better result with people working alongside machines than machines on their own, so I’m an optimist."
Baroness Stowell, chair of the House of Lords committee, cautioned against allowing "existential risks and sci-fi scenarios" to hinder organizations from benefiting from AI advancements. Her committee’s report, which addresses large language models (LLMs) and tools like ChatGPT, cautions that the UK risks losing out on the AI opportunity if it heeds dire warnings about the technology’s dangers.
Baroness Stowell emphasized the importance of recognizing these tools for their human-like responses. She urged the government to adopt a proactive stance in fostering the development of AI, stating, "No expert on safety is going to be credible if we are not at the same time developers and part of the real vanguard of promoting and creating the progress on this technology."
According to the BBC, Secretary of State for Science, Innovation and Technology Michelle Donelan is set to address the Lords Communications and Digital Committee next week to respond to the report. A spokesperson from the Department for Science, Innovation and Technology remarked, "We do not accept this – the UK is a clear leader in AI research and development. The government is committed to AI’s vast potential to enhance lives, investing millions to implement solutions that will transform healthcare, education, and business growth, including through our newly announced AI Opportunity Forum."
The spokesperson also noted, "The future of AI is safe AI. By addressing today’s and tomorrow’s risks, we can harness its incredible opportunities and attract even more jobs and investments from this new wave of technology. We have invested more than any other government in safety research through the AI Safety Institute and are promoting a pro-innovation approach to AI regulation."
In a recent article on Finextra, Lord Chris Holmes discusses upcoming legislation, like the Data Protection and Digital Information Bill, aimed at leveraging algorithms, AI, and big tech for public good. He shared that while awaiting the government’s AI regulation white paper response, he has introduced a Private Members’ Bill called the AI Regulation Bill, grounded in principles of trust, transparency, inclusion, innovation, interoperability, public engagement, and accountability.
"Regulating AI was a key topic at Davos this year, and I believe 2024 will be pivotal for legislators and regulators to incorporate these principles, deeply consider copyright and IP rights, and ultimately achieve greater clarity to realize the economic, social, and psychological benefits AI has to offer."