"AI can eliminate 3 million jobs in Britain"/ The study also predicts new employment opportunities, economic growth
Artificial intelligence (AI) could eliminate between one and three million jobs in the UK, according to a new study.
Researchers from the Tony Blair Institute say they expect unemployment to rise gradually as new technology begins to spread throughout the economy, with a maximum loss of up to 275,000 jobs a year.
The report said unemployment change will be "limited and eventually offset" as artificial intelligence creates new demands and changes for workers. This technology that performs cognitive tasks can replace workers in fields such as administration, sales, customer service or data-intensive industries such as banking and finance.
The report estimates that companies could save almost a quarter of the time of the private sector workforce through new technology, or the equivalent output of 6 million workers.
London is already Europe's biggest hub for generative artificial intelligence, with 30 percent of new European startups based in the UK capital, according to a June study by venture capitalist firms Accel and Dealroom.
In the long term, labor productivity and time savings thanks to artificial intelligence could boost economic growth by 5 to 14 percent by 2050, the report says, but the rate of that growth will depend on how expensive it is. technology for companies and how widely it will be implemented.
There is also the potential for this to improve labor supply, increasing the "quantity, quality and supply of workers in the economy", the report said. Also, governments should equip workers with knowledge of workplace changes brought about by technology and provide them with financial safety nets and retraining opportunities to maximize employment.
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