AI could ‘boost UK economy by 10%’

Capabilities provided by artificial intelligence (AI) could boost the UK economy by 10 per cent by 2030, according to research published by the Department for Business, Energy & Industrial Strategy (BEIS).

The report, carried out by PWC, used workshops and publicly available government data to assess the impact of AI-related tech on the labour force in variety of different sectors.

The report predicted AI will have more of a positive impact on employment for those working in highly paid professional roles as opposed to those in lower paid roles, potentially exacerbating existing economic and regional divides.

The research did not predict significant age or gender differences in terms of the impact of AI on net employment but highlighted those in entry-level jobs with more of a focus on routine processes could be more vulnerable.

London and the South East are likely to see benefits from the introduction of automation according the report, in contrast to more traditionally industrial areas such as the North and Midlands.

The report outlined wholesale, retail, finance, public administration, and transport as the sectors most likely suffer falls in net employment.

However, the report suggested that the health and social care sector and the information and communication sector would see a rise in net employment due to the impact of AI.

The report said the impact of AI on employment may be relatively small over the next five years but could become more material over the next 10 to 20 years.

For example, drivers may only see significant falls in net employment when automated driving sees mass adoption in around 20 years according to the report.

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