• Mon. May 20th, 2024

From jobs to GDP: How AI could disrupt the UK’s workforce and economy

BySamantha Nguyen

Mar 27, 2024
In the next five years, AI may eliminate nearly 8 million jobs in the United Kingdom

Women, young workers, and part-time employees stand to be most affected by automation as artificial intelligence (AI) has the potential to replace nearly eight million jobs in the United Kingdom over the next five years, according to a recent report from the Institute for Public Policy Research (IPPR).

The IPPR study analyzed 22,000 different jobs across various sectors and highlighted the risk of automation on jobs such as administration, secretarial work, and customer service. 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.

Economist Carsten Jung at IPPR echoes tech mogul Elon Musk’s warning about the disruptive force that AI poses. He believes that AI could render many jobs obsolete and leave people with a need for personal satisfaction in employment. While there is a worst-case scenario where widespread job displacement could lead to improvements in productivity for companies, it may also hinder GDP growth. However, a best-case scenario involving AI empowering the workforce without significant job losses could lead to a boost in GDP.

To address these challenges posed by new technology, IPPR calls on the UK government to implement an industrial strategy for AI that focuses on job creation. This includes offering 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 as seen in other regions like European Union and United States.

In conclusion, while AI has great potential for growth and development in various industries but it also poses a threat to many workers’ livelihoods. It is essential that governments take proactive measures towards mitigating this challenge by focusing on creating new job opportunities rather than solely focusing on productivity improvements.

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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