- Artificial intelligence vs. Industrial revolution: Jobs will change. They won’t disappear
- Those who are prepared. Have the right skills should experience as little discomfort as possible.
- The Bank of England is also monitoring fears of an “AI bubble”.
Bank of England Governor Andrew Bailey has compared artificial intelligence to the industrial revolution. Suggesting that productivity-enhancing technology could actually push people out of some roles.
The key to Bailey’s thesis. However. Is that AI would not necessarily lead to mass unemployment; We are in the midst of one of the greatest changes in human history.
The governor therefore emphasized the need for upskilling. Retraining. Noting that workers with the right education. Training. Skills will have a “much easier time” finding work in the age of AI.
What does artificial intelligence mean for the jobs of tomorrow?
Bailey acknowledged that some employees may have a harder time than others. Because AI can handle many administrative. Repetitive tasks autonomously. He warned that younger. Less experienced workers may struggle to break into entry-level positions. Suggesting the barrier to entry could be even higher.
BBC reported that UK youth unemployment is already rising. Stands at 5.1% according to the latest quarterly data.
The Office for National Statistics found that unemployment among 18-24-year-olds has reached its highest level since November 2022. When ChatGPT went into public preview. Artificial intelligence really started to go mainstream.
“In terms of the potential to improve productivity growth. I think it’s quite significant. ” he told BBC Radio 4’s Today program about the impact of technology on the UK. “It will be used throughout the economy.
” The Bank of England is already implementing artificial intelligence. Still in the experimental phase.
In addition is is by it. The Bank of England is also monitoring whether the valuations of AI companies are at risk of a bubble in the Internet age. But for now. Many large companies still generate enough cash flow to alleviate those concerns.
“We are monitoring the situation closely because obviously we have to be mindful of the consequences that a drastic withdrawal could have. ” he added.
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