By Trend News Line 2024-03-27 00:04:08.
AI Report Reveals Impending Job Disruption
A recent analysis conducted by the Institute for Public Policy Research (IPPR) has shed light on the potential impact of generative AI on the UK job market. The report highlights a critical moment in the country’s adoption of AI technology and calls for a fair industrial strategy to be implemented by the government.
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Two Waves of AI Adoption
The IPPR report identifies two key stages of generative AI adoption. The first wave is already underway, with companies beginning to integrate AI technology into their processes. The second wave, which is on the horizon, could see as many as 59% of tasks currently performed by workers being vulnerable to automation by AI.
During the first wave, back office, entry-level, and part-time jobs, such as secretarial, customer service, and administrative roles, are at the highest risk of being disrupted. Women, young people, and those on lower wages are most likely to be affected by these changes.
Potential Job Losses and Economic Benefits
The IPPR report presents a worst-case scenario for the second wave of AI adoption, predicting around 7.9 million job losses with no GDP gains. However, a proactive approach from government and industry could lead to significant economic benefits.
In the best-case scenario, no jobs would be lost as workers are augmented to work alongside AI, potentially resulting in a 13% boost to GDP, equivalent to around £306 billion per year. Carsten Jung, senior economist at the IPPR, emphasised the transformative potential of generative AI in the labour market.
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Managing the Transition
Jung highlighted the importance of managing the transition to AI technology effectively. He stressed that while AI has the potential to bring about significant changes, the outcome will depend on how employers choose to utilise it.
The IPPR report recommends a job-centric industrial strategy for AI, including tax incentives and subsidies to support staff training in AI. Regulatory changes are also proposed to ensure human responsibility in key sectors, such as healthcare.
Government Response
While the UK government has yet to introduce specific legislation around the rise of AI, it recently announced plans to invest over £90 million in new AI research hubs. These hubs will focus on responsible AI usage in areas like healthcare, chemistry, and mathematics.
The government’s investment in AI research forms part of a broader package of measures in response to a consultation on its AI Regulation White Paper. The aim is to ensure that AI technology is used in a responsible and beneficial manner across various sectors.
As the UK stands at a crossroads in AI adoption, the IPPR report serves as a timely reminder of the need for proactive measures to mitigate potential job losses and maximise economic benefits. With the right approach, AI has the potential to revolutionise the way we work and drive significant growth in the economy..
1. UK jobs at risk from AI
2. Up to eight million UK jobs at risk from AI.
