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AI could result in the loss of more than 8 million jobs in the UK, affecting about 60% of employment if there are no policy updates
There's a risk that about 8 million employees could be out of work in the UK, and over 60% could experience significant changes in their roles, if the UK government under the leadership of Rishi Sunak doesn't implement measures to protect human employment.
A significant employment crisis could be on the horizon for the UK as an increasing number of employers begin to contemplate the use of artificial intelligence (AI) in their companies.
The Institute for Public Policy Research (IPPR) has given a serious caution, predicting that as many as 8 million employees in the UK are at risk of job loss because of AI. This is under the assumption that the rules regulating AI and employment remain unchanged under the existing government policies.
A study from the IPPR reveals that AI currently impacts 11% of tasks carried out by UK workers. This percentage is expected to skyrocket to almost 60% if businesses increasingly incorporate this technology.
Jobs that are especially vulnerable include part-time, beginner, and administrative roles such as customer support. However, the effects will also progressively be felt in better-paid positions.
The conclusions drawn by the IPPR highlight the difficulties the government is confronting as it relies on AI to solve the UK's efficiency problems.
Businesses strive to improve efficiency by implementing AI technology. Meanwhile, the UK's Finance Minister has declared a significant investment of £800 million in technology and AI to boost productivity in the public sector.
Carsten Jung, a leading economist at IPPR, highlighted the revolutionary power of AI and referred to it as a major turning point for countless people. Yet, Jung cautioned that unless governments, employers and labor unions take preemptive actions, there might be a drastic loss of jobs.
The IPPR study underscores the crucial influence of government regulations on the effect of AI integration in the workforce. Through exploring different situations, the researchers discovered that with the right policies, AI could greatly enhance economic development without leading to unemployment.
On the flip side, without proper measures, the implementation of AI could lead to the loss of 8 million jobs in the UK, without any equivalent economic advantages.
A distinct analysis from LinkedIn indicated that the UK is trailing behind other nations in terms of AI capabilities, emphasizing the critical necessity for programs to enhance skills.
Janine Chamberlin, who oversees LinkedIn operations in the UK, emphasized the need to invest in skill enhancement to close the difference between current abilities and those needed in the AI era.
The IPPR suggests the creation of an AI industrial plan to aid in job shifts and guarantee a fair allocation of automation advantages throughout the economy. Proposed measures involve financial incentives, regulatory modifications, and backing for environmentally friendly jobs that are less likely to be automated.
As AI transforms the employment scene, preventative steps at both the institutional and governmental levels are crucial to lessen potential adverse effects and utilize the advantages of AI-induced innovation.
(Incorporating information from various sources)
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