AI could unlock serious economic growth but threats cannot be ignored

A lot of the emphasis when it comes to Artificial Intelligence (AI) in recent weeks has been the threats that it could potentially pose.

When those who stand to gain the most financially from the proliferation of AI are calling on progress to be slowed down over concerns of the impact of AI on humanity, it is right that the world pauses and considers guardrails on technology that could easily get out of hand.

However, regulation should not mean unnecessary barriers to innovation.

A report from the University of York today outlines the economic prize that is on offer from AI adoption and upskilling.

It found that AI could unlock a £38bn GDP uplift for the region by 2030, generating up to 379,000 new regional jobs. It’s a reminder that AI need not be seen as just a threat to jobs.

The importance of regional growth strategies has never been greater. Yorkshire will need to ensure that the workforce is geared up to take advantage of the opportunities AI presents.

The research also highlights the significance of the region’s universities with over 80 per cent of critical roles, and 92 per cent of the top 280 priority high growth occupations, across the core Industrial Strategy sectors requiring degree-level qualifications or higher.

No economy can turn its back on frontier technologies such as AI. There is a competitive advantage to be had but at the same time the warning signs cannot be ignored.

For the good of innovation and for humanity, a global consensus is needed on AI safety.