UK Chancellor of the Exchequer unveiled an £800 million ($1 billion) investment in technology and AI to bolster public-sector productivity…reports Asian Lite News
The Institute for Public Policy Research (IPPR) issued a warning that under current government policies, up to 8 million or 80 lakh workers in the UK are vulnerable to job loss due to artificial intelligence (AI).
In its report, the think tank said AI already impacts 11% of tasks done by workers in the UK, adding that it could rise to 60% if firms integrate the technology more deeply.
IPPR said part-time, entry-level, and back-office jobs such as customer service face the biggest risk, but higher-paying jobs will also face the impact.
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The findings in the report highlight the obstacles confronting the government as it increasingly relies on artificial intelligence to address the UK’s productivity issue. Businesses in various sectors are leveraging AI to enhance efficiency.
Meanwhile, the UK Chancellor of the Exchequer unveiled an £800 million ($1 billion) investment in technology and AI to bolster public-sector productivity.
“A jobs apocalypse is not inevitable – government, employers and unions have the opportunity to make crucial design decisions now that ensure we manage this new technology well. If they don’t act soon, it may be too late,” Jung added.
In a report released in November, the government recognised the impact of AI on employment, particularly in the finance and insurance industries. It urged schools and employers to provide workers with the necessary skills to navigate these changes.
The IPPR report highlighted that government policies would determine whether AI adoption leads to job losses or contributes to economic growth.
On the brighter side, analysing the potential effects of a “second wave” of AI adoption on the labour market, the IPPR found that the technology has the potential to contribute up to £306 billion annually to the UK economy in the best-case scenario, with no job losses.
However, these outcomes depend heavily on government policy. Additionally, AI implementation could lead to wage increases of up to 30%.
Without any policy changes, researchers estimated AI will wipe out 8 million jobs with no economic gains. But in the absence of policy adjustments, researchers projected that AI would eliminate 8 million (80 lakh) jobs without yielding any economic benefits.
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