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AI could lead to the loss of more than 8 million jobs in the UK, impacting nearly 60% of employment if policies are not revised
In the UK, approximately 8 million employees might be out of work and more than 60% could experience significant changes in their jobs if the government, under the leadership of Rishi Sunak, doesn't implement measures to protect human employment.
The possibility of a significant employment crisis could be on the horizon for the UK as an increasing number of companies begin to contemplate the use of artificial intelligence (AI) in their operations.
The Institute for Public Policy Research (IPPR) has released a serious caution, predicting that as many as 8 million UK employees are at risk of unemployment because of AI, if the existing regulations controlling AI and job security remain the same under the current government.
A study from the IPPR suggests that AI is currently impacting 11 per cent of tasks carried out by UK workers. This number is expected to skyrocket to almost 60 per cent if businesses increase their use of this technology.
Part-time, entry-level, and back-office jobs like customer service are especially vulnerable, but even roles with higher salaries will progressively experience the effects.
The research results from the IPPR highlight the difficulties the government encounters as it relies on AI to tackle the UK's efficiency problems.
Businesses strive to improve productivity by embracing AI, and the UK's Finance Minister has declared a significant £800 million funding in technology and AI to boost output in the public sector.
Carsten Jung, a leading economist at IPPR, highlighted the revolutionary power of AI, labeling it as a significant shift for millions. Nonetheless, Jung cautioned that without active steps from the government, employers, and labor unions, there could be a disastrous job crisis.
The IPPR study underscores the importance of governmental regulations in determining how the implementation of AI affects the job market. By simulating different situations, the researchers discovered that, given the right policies, AI could greatly boost the economy without leading to unemployment.
On the flip side, without any proper measures, the incorporation of AI could lead to the loss of 8 million jobs in the UK, without any equivalent economic advantages.
A distinct research conducted by LinkedIn indicated that the UK trails other nations in terms of AI abilities, emphasizing the pressing requirement for skill enhancement programs.
Janine Chamberlin, who heads LinkedIn in the UK, emphasized the need to prioritize skill enhancement to close the discrepancy between current abilities and those needed in the era of artificial intelligence.
The IPPR suggests creating a strategy for AI in industry to assist with job changes and guarantee a fair share of automation advantages throughout the economy. Recommendations encompass financial incentives, alterations in regulations, and backing for environmentally friendly jobs that are less likely to be automated.
The transformation of the labor market by AI necessitates forward-thinking actions from both corporations and government entities. These measures are crucial in minimizing potential adverse effects and capitalizing on the advantages of AI-induced advancement.
(Incorporating information from various sources)
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