Artificial Intelligence (AI) is predicted to replace nearly eight million jobs in the UK over the next five years, according to a report from the Institute for Public Policy Research (IPPR). The study analyzed 22,000 different jobs across various sectors and found that automation poses a significant threat to jobs such as administration, secretarial work, and customer service. Women, young workers, and part-time employees are likely to be most affected by automation.
Tech mogul Elon Musk has warned of the disruptive force that AI can have on employment. He believes that AI could render many jobs obsolete, leaving people with a need for personal satisfaction in their work. Carsten Jung, an economist at the IPPR, agrees with Musk’s sentiment and highlights the potential for AI to both disrupt and boost the economy.
The first wave of AI could impact 11% of jobs in the UK, while the second wave, expected within the next three to five years, could displace up to 7.9 million jobs. This would have significant implications for GDP growth, with a worst-case scenario leading to improvements in productivity but potentially hindering economic growth. However, a best-case scenario involving AI empowering the workforce without significant job losses could lead to a boost in GDP.
The IPPR report recommends that the UK government implement an industrial strategy for AI that focuses on job creation. This could include incentives such as tax breaks, regulatory changes, and job training subsidies. While the government has announced plans to invest in exploring AI’s potential, critics argue that more decisive action is needed to address the challenges posed by new technology as seen in other regions like Europe and North America.
In conclusion, it is important for governments around the world to carefully consider how they can leverage emerging technologies like AI while minimizing their negative impacts on employment and economic growth.
