An IPPR report throws some stark facts!

AI could eat into 80 lakh jobs in the UK!

Imperative government steps in!

No doubt Artificial Intelligence is phenomenal, but it can be antithetical too! 

A report by The Institute for Public Policy Research (IPPR) has issued a stark warning, suggesting that under current government policies, as many as 8 million workers in the UK are susceptible to job loss due to AI. 

Presently, AI influences 11% of tasks performed by UK workers, a figure projected to soar to 60% with deeper integration of the technology by firms. Part-time, entry-level, and back-office roles, including customer service, will be the most affected, although higher-paying positions won’t be immune.

Now, this certainly poses a significant challenge for the government as it increasingly relies on AI to tackle the UK’s productivity concerns. 

Despite this, the UK Chancellor of the Exchequer has announced an £800 million investment in technology and AI to enhance public-sector productivity.

It should be noted that the existing generative AI could either disrupt the labor market substantially or substantially boost economic growth. Experts are of the opinion that a catastrophic “jobs apocalypse” is not inevitable, stressing the importance of proactive decision-making by the government, employers, and unions to manage this technological shift effectively.

Meanwhile, the IPPR report underscores the pivotal role of government policies in determining whether AI adoption leads to job losses or fosters economic growth. 

Although AI adoption could potentially contribute up to £306 billion annually to the UK economy without job losses, this outcome hinges heavily on government intervention. 

Furthermore, without policy adjustments, AI could eliminate 8 million jobs without yielding any economic benefits.