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Bank of England chief insists AI won’t be ‘mass destroyer’ of jobs

Bank of England chief insists AI won’t be ‘mass destroyer’ of jobs

Artificial Intelligence will not be a “mass destroyer” of jobs, the governor of the Bank of England insists.

As fears grow the technology will put millions of people out of work across the globe, governor Andrew Bailey, 64, declared – adding he’s confident humanity will learn to make the most of the rapidly developing tech.

He told the BBC about the advances in AI: “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 of England says businesses can soon expect to see the benefits to productivity.

In its latest assessment of the UK economy the Bank’s business contacts said automation and AI investment was already “containing recruitment” and “labour costs” in a tight market.

Mr Bailey’s comments came as a committee that sits in the UK’s House of Lords said people should embrace the positives of AI instead of worrying about its risks.

The committee’s chair Baroness Stowell, 56, told the BBC warnings about the “existential risks” and “sci-fi scenarios” around the technology – which has constantly seen it compared to the rise of the Terminator in James Cameron’s sci-fi film starring Arnold Schwarzenegger – should not get in the way of reaping the rewards of AI.

Her group’s report said such fears could lead to people missing out on an “AI goldrush”.

It added some of the “apocalyptic” warnings about the potential risks of AI were exaggerated.

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