A productivity boost facilitated by the rise of generative AI could add £31 billion to the UK economy, new research suggests.

Generative AI is a type of AI capable of producing various types of content such as including text, imagery, audio and synthetic data.

Big Four accountancy KPMG’s survey Generative AI and the UK labour market found that adoption of generative AI could help increase UK productivity levels in the workplace by 1.2 per cent, with potential for the technology to influence 2.5 per cent of tasks performed across jobs in the UK.

Yael Selfin, chief economist at KPMG UK noted that significant investment and changes to working practices would be required to “unlock the productivity benefits” of generative AI.

“While we do not anticipate many job losses as a result, changes to work practices of some occupations could still lead to short-term skill mismatches, as the labour market adjusts to the new technology,” he said. “Additional support will be needed to facilitate the transition of affected workers to new occupations.”

French outsourcing company Teleperformance recently inked a $185 million deal with Microsoft to help it launch its proprietary TP AI GenAI tech.

The Lawn Tennis Association also announced its long-term tech partner IBM will use generative AI at this year’s Wimbledon tennis championships to provide fans with audio commentary for its highlight packages.

Share Story: