Companies that are hesitant to lay off workers in the short term may rely on the natural turnover of employees retiring or resigning as a way to reduce their staff numbers. According to the OECD, unlike robots, artificial intelligence (AI) has the potential to impact all industries and occupations. However, the technology also has the potential to create numerous new jobs. A significant number of workers, approximately three in five, are concerned about losing their jobs to AI, as revealed in a recent report. BT, for example, announced that it would cut 55,000 jobs by the end of the decade and replace about 10,000 employees with AI. While AI has primarily affected highly paid sectors where workers have reported increased job satisfaction from task automation, job losses are expected to be concentrated among young and low-paid workers, according to the OECD. Policymakers need to seek clarity on the impending impact of AI and take action due to the high stakes involved. The FCA has also expressed concern over the rapid growth of AI, as it could lead to an increase in cyber-fraud, cyber-attacks, and identity fraud. Rishi Sunak has previously expressed his desire for the UK to become the global hub for AI regulation. The financial watchdog, as stated by Mr. Rathi, will align its approach with its secondary objective of supporting economic growth and international competitiveness.
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