Sun. Jun 16th, 2024
Artificial Intelligence (AI) threatens to eliminate nearly 8 million jobs in the UK within the next five years.

In the next five years, AI could eliminate up to eight million jobs in the UK, according to a report by the Institute for Public Policy Research (IPPR). This report highlights that women, young and part-time workers would be the most affected by automation. Elon Musk has also warned of the disruptive force of AI during an AI security summit.

Carsten Jung, an economist at IPPR, emphasizes that generative AI will have a transformative impact on the labor market and economy. The study analyzed 22,000 different jobs across various sectors and identified that the first wave of AI could endanger jobs in areas like administration, secretarial work, and customer service. The second wave, expected within three to five years, could potentially displace up to 7.9 million jobs.

The report outlines potential scenarios ranging from total job disruption to an increase in GDP with the incorporation of generative AI. To mitigate job losses and boost the economy, IPPR calls for an industrial strategy that focuses on job creation with incentives like tax exemptions, regulatory changes and subsidies for job training in AI.

The UK government has allocated funds to explore the potential of AI in various sectors but critics argue that a more decisive approach is needed to address the challenges posed by new technology as other countries such as EU and US take proactive steps. There is a growing urgency for UK to respond effectively to the impact of AI on labor market.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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