Chancellor Jeremy Hunt addressed concerns regarding rapid AI development at a Politico event in London on Wednesday, asserting that the UK must enhance its position in the global AI landscape.
Hunt emphasized that AI technology is crucial for addressing the UK’s growth challenges and rejected industry fears about potential risks and job losses from widespread AI adoption, claiming he does not believe middle-class jobs are at risk.
Tech leaders like Google’s Sundar Pichai and Tesla’s Elon Musk have recently raised alarms about the risks associated with AI advancement, advocating for stronger government regulation of the industry. Musk warned that without secure practices, AI could lead to “civilizational destruction.”
Hunt acknowledged the possibility of misuse of AI technology but stressed the need for the UK to compete on the global stage: “Of course, there’s the potential for this technology to be used in a bad way. And indeed, we need to be very mindful of that.” He envisions positioning the UK as a leading hub for AI innovation, highlighting a reduction in unemployment since 2010 and the importance of technology in the nation’s priorities.
He stated, “I don’t believe it’s possible in the world we’re in, where there are countries that don’t share our values that are investing massively in AI, to opt out of this race. I think we have to win the race — and then be super smart about the way we regulate it so that it is a force for good, enhancing the values that we all believe in.”
While the US and EU are drafting bills to subsidize chip production to strengthen their global supply chains, Hunt remarked that the UK will not impose “protectionist barriers” on critical technologies.
In a personal note, Hunt recently deleted his TikTok account due to concerns over its geolocation features, although he noted that his children continue to use the app. When he asked the AI tool ChatGPT whether he is a good chancellor, the response pointed out that he is not the Chancellor of the Exchequer—Rishi Sunak holds that title.
Sridhar Iyengar, managing director of cloud suite Zoho Europe, commented positively on Hunt’s support for AI development as part of the UK’s technological progress. He noted, “The nation should embrace the benefits AI can bring, offering itself as a useful business tool when used correctly by allowing tasks to be automated, business efficiency to improve, and customer experience to be enhanced.”
Iyengar also stressed the importance of ethical practices in AI implementation, highlighting the need for unbiased training data to fully realize the potential benefits of this technology for customers, staff, and businesses at large.