The Institute for Public Policy Research (IPPR) has predicted that artificial intelligence (AI) could lead to the elimination of nearly eight million jobs in the UK over the next five years. Women, young workers, and part-time employees would be most affected by automation, according to a recent report. Elon Musk has also warned about the disruptive force of AI during an AI security summit.
Carsten Jung, an economist at IPPR, emphasizes that generative AI will have a transformative impact on the labor market and the economy. Whether this disruption leads to job loss or economic growth depends on how new technology is managed. Government, companies, and unions must take action to navigate this technological shift effectively.
The study analyzed 22,000 jobs across various sectors and identified that the first wave of AI could endanger jobs in areas like administration, secretarial work, and customer service. The second wave, expected within three to five years, could potentially displace up to 7.9 million jobs.
The report outlines potential scenarios ranging from total job disruption to an increase in GDP with the incorporation of generative AI. To mitigate job losses and boost the economy, IPPR recommends an industrial strategy that focuses on job creation with incentives like tax exemptions, regulatory changes, and subsidies for job training in AI.
There is a growing urgency for the UK to respond effectively to the impact of AI on the labor market as other countries like the EU and US take proactive steps. While there has been some government funding allocated for exploring AI’s potential in various sectors, critics argue that a more decisive approach is needed to address these challenges posed by new technology.
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