The use of artificial intelligence could boost Britain’s economy by £400 billion ($509bn) by the end of the decade and offers the “most profound” technology shift in our lifetimes, according to a report by Google.
The company said AI technology had the power to rapidly increase UK productivity, which has been in decline for many years, by helping people back to work and unlocking new ways of working.
Google estimates that the economic boost from AI would be equal to annual growth of 2.6 per cent, creating £200 billion in extra revenue for public services and “turning around the recent growth stagnation".
But this estimation does not take into account the effects on some jobs and businesses.
The company insisted that while jobs will be lost through AI across many sectors, the economic benefits and improvements to people’s everyday lives will outweigh the hit.
Google also backed the need for regulation in the report, but stressed it should be a “nuanced approach” that does not stifle innovation in the sector.
“This shift that we’re going through is the most profound platform shift that any of us have lived through," Google’s UK and Ireland managing director, Debbie Weinstein, told PA.
“We are very conscious of the impact that this technology will have on people. Clearly there will be some jobs that will be lost, but also a whole new set of jobs that will be created.”
Ms Weinstein said Google was focusing on increasing workers' skills to ensure they can benefit from AI.
“We want to make sure everyone has the skills they need. We’re aware that this is a fundamental technology shift that will impact all of our lives,” she said.
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There have been growing fears over the effects of AI on jobs, industry, copyright, the education sector and privacy – among many other areas.
AI “godfather” Geoffrey Hinton recently resigned from his job at Google, warning that “bad actors” will use the technology to harm others and that the tools he helped to create could spell the end of humanity.
“We’re aware of the fundamental change and the importance of getting it right while managing the downside risks,” Ms Weinstein said.
Google has suggested the launch of a national skills agenda to ensure workers and businesses are not left behind as AI technology develops, with a coalition formed between governments, technology companies, businesses and educational institutions.
It is also putting forward the idea of a UK Research Cloud that would “democratise access to accessible AI technology”.
Its report – produced with public policy research agency Public First – estimates that generative AI could save the average UK worker more than 100 hours a year in what it claims would be the single biggest improvement to worker productivity since the arrival of Google Search.
AI could also save more than 700,000 hours a year in administrative work for British doctors and teachers, which the group believes could offset some of the cost pressures facing the NHS and the education sector.
But the company agrees that regulation is vital as AI technology develops and it is “actively collaborating” with regulators around the world.
Ms Weinstein called for a “global approach” and said governments must be “clear-eyed” and that regulation “preserves the potential” of AI.
“This nuanced approach is important if the UK is to pursue a competitive advantage in attracting inward investment associated with agile regulation,” Google said in its report.
